En línea Opciones Binarias buenos aires en español: Plusvalenza Da Opciones De Stock

Opción de compra no cualificada e trattamento fiscale

16 de abril por alex

Por pianificare con precisión en el capital de cassa, un dipendente debe captar el trato fiscal sobre la opción no cualificada de stock. A differenza di incentivazione opción de compra de acciones, sin embargo, es el objeto de la adquisición de azioni è un evento imponer immediatamente en un'opzione non qualificato. Inoltre, la realización de la tasa de impuesto sobre el valor añadido.

Immediato Base imponible

Dopo l'esercizio di non-qualificati la opción de acciones, la importación viene tassato come compenso ordinario. L'imposta è valutata sulla "elemento affare", es decir, la diferencia en el coste de la venta de la mercancía y el valor del mercato de adquisito magazzino. Tratamiento fiscal de la diferencia en el momento de la expedición.

Esercitata e Held

El elemento es un tassato vienen compenso, anche se nessuna delle stock è venduto. Se un dipendente no vende citar abbastanza per pagare il debito fiscale sull'elemento affare, l'imposte essere pagine da riserse. Questo elemento affare viene desde el coste de la operación por la estabilización de la base de brodo.

Venduto en Esercizio Anno

Vendée delle azioni per l'anno di esercizio è una plusvalenza a breve termine o di perdita. El elemento de afecto y el tassato vienen compensó ordinario y ha aggiunto de base. La plusvalenza es la diferencia en el precio de las ventas y los precios de los productos con todos los datos di esercizio. Se considera que el elemento no pertenece al dipendente W-2, debe incluirse en la compensación por su calidad de redistribución personal.

Vendido enterrado

Vendita delle azioni per l'anno civil dopo l'esercizio, es una prima de dietas para más de un año y una breve explicación de la perdida. El elemento afectado es un titulo de risa por el año precedente non è inclusa nella plusvalenza. Mostrar el elemento que se encuentra en la base, la plusvalenza es el signo distintivo de la venta de menús que valen de mercato al momento dell'esercizio.

Venduto dopo un anno

Vendita delle azioni más de un anuario de doblar el esférico fisico es una prueba más de un lungo terminar la perdida. Se titula viene venduto per una perdita, la importación deduccibile al reddito ordinario in un solo anno è limitato. Por lo tanto, alcuni anni potrebbero essere necessari per una minusvalencia deducibile por compensar el impatto fiscale dell'elemento affare.

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Stock Options y Restricted Stock: La oportunidad perdida de Microsoft por Dennis Aust

El año pasado, Microsoft anunció un nuevo plan de compensación de empleados que reemplazó las opciones de acciones con acciones restringidas. Although the new plan reduces the risk associated with employee options, it fails to address the fundamental problems of stock-price-based compensation plans. In an era when incentive compensation is subject to increased shareholder scrutiny and public criticism, Microsoft missed a major opportunity to redefine the focus of their incentive compensation program to the fundamental factors that determine sustainable shareholder value.

Until recently, stock options had been widely perceived as a cost-efficient way of linking management compensation to increasing shareholder value. In determining the number of options issued, along with strike prices and exercise dates, the company (on behalf of shareholders) establishes the precise relationship between shareholder returns and employee rewards. If the shareholders get paid (through higher stock prices), the employees get paid (through their options). If the shareholders don't get paid, the employees don't get paid either.

What Determines Stock Prices?

The problem is that stock prices are determined by a number of factors. A company's operating performance is extremely important, but it is just one of many factors, and most of these other factors are beyond management's direct control. External factors influencing prices have often been dismissed as the concern of investors and academics, but for one critical problem: Billions of dollars of incentive compensation payouts are determined based on factors unrelated to management performance .

The biggest external factor affecting share price is overall market trend, as reflected in changes to the market's implicit discount rate, or cost of capital. When the cost of capital falls, the market advances, and vice versa. Empirical evidence from the past fifty years shows that the market's implicit discount is a greater source of variation for the S&P 500 than the underlying operating performance of the firms comprising that index (as measured by Cash Return on Investment). Other external factors, such as changing market expectations and the market's ongoing sector rotation, have a significant (and often unpredictable) influence on the market performance of specific stocks.

An old Wall Street adage warns against confusing a bull market with brains, but this is precisely what results when incentive compensation payouts are determined by stock price. In a rising market, the broad upward price trend masks sub-par performance for a significant number of companies and managers are paid, often handsomely, for performance in excess of what they really delivered. And in a bear market, when strong operating performance is outweighed by a general downtrend in prices, firms often find themselves changing the rules in order to retain and motivate management talent whose contributions aren't appropriately reflected in depressed stock prices.

Unless the broad market stays relatively flat, boards incur a significant risk of overpaying or underpaying their managers based on factors that have little or no relationship to the results those managers have delivered. Over the past decade, this has contributed to a "damned if you do, damned if you don't" aspect to incentive compensation. Despite the care that individual firms devote to structuring their compensation plans, the overall result is a broad perception that the "system isn't working": Overpaid executives are "having it both ways" by cashing in during good times, then "changing the rules" once the old system no longer works to their advantage .

Did Microsoft Change Anything Fundamental?

Within this context, Microsoft's move from options to restricted stock is just one more example of a firm tweaking the rules rather than dealing with fundamental issues. When one considers that a restricted stock grant can be viewed as an option to purchase stock at an exercise price of zero, Microsoft's move isn't nearly as significant as it first appears. All it does is shift the risk/return tradeoff in response to a down market. Microsoft's staff are reportedly (and understandably) happy with the move. Those who prefer a more adventurous risk/return tradeoff can still buy listed options through their brokers, while the more risk-averse are happy that what used to be a "performance" bonus is now substantially guaranteed. The options only had exercise value when the market price was above the strike price, but the restricted stock grants maintain their full value as long as the stock price doesn't fall. Even if the stock price does fall, the restricted stock grant will retain considerable value unless the stock price collapses totally. Restricted stock isn't "pay-for-performance." It's "pay-for-pulse."

The problems with restricted stock and options stem from the same root causes. From the employee's perspective, both represent a less-than-perfect currency which only partially correlates with the results employees are asked to deliver. Making employee compensation contingent on stock price saddles employees with market risks unrelated to their performance. The situation is analogous to the firm wagering the employee's bonus at the local casino; the inherent randomness of the market diminishes the intrinsic value of both options and stock. In a world where the most valuable talent is increasingly scarce, paying that talent with a currency devalued by market risk represents an inefficient (and increasingly expensive) use of corporate resources.

What Should Microsoft Focus On?

Microsoft's mistake is its failure to discriminate between a desirable source of risk (company performance) and an undesirable source of risk (overall market volatility). When the overall risk/return tradeoff proved unfavorable for their staff (due to a sustained bear market), they didn't refocus compensation on company performance. They simply backed off from risk entirely.

Ultimately, simple reliance on either options or restricted stock represents abdication of one of the board's fundamental responsibilities - setting objectives for management performance, and measuring results against those objectives. A compensation framework that depends primarily on stock price effectively says to employees, "we're not exactly sure what we want you to accomplish, but we'll be paying you so long as the stock price goes up." Instead of paying management for specific actions that create shareholder value, they pay (to a large degree) based on how the market is doing.

The Better Path for Microsoft

Microsoft's missed opportunity was the chance to link compensation to effective implementation of an appropriate strategic performance management framework. Many alternatives are available. Some widely publicized approaches, such as Stern-Stewart's Economic Value Added (EVA) or Kaplan and Norton's Balanced Scorecard, enjoy substantial followings. Others offer unique or specialized advantages beyond the more generic approaches. For example, the Callard/CharterMast framework is based on extensive empirical research detailing the relationship between operating performance and shareholder value. Accordingly, it provides an extremely powerful tool for understanding just what management needs to do to create value, eliminating the noise associated with market volatility, and paying management for the specific performance actually delivered.

Incentive compensation is a difficult and complicated subject, with issues ranging from relatively mechanical accounting and tax disclosures, to the subtle challenges of crafting incentives that reward productive behaviors while protecting against inappropriate "over-motivation." Shareholders expect the greatest benefit for every dollar they pay in compensation, while capable managers command compensation that fully rewards them for identifiable contributions to shareholder value.

Incentive compensation represents a major, and particularly visible, corporate expense. The financial impact is even more significant when one considers the operating consequences of giving management the wrong signals. In this environment, basing compensation primarily on stock price, whether through options or restricted stock, represents not only an ineffective use of resources but a potentially dangerous incentive policy. At one extreme, it's "pay-for-stock-market-speculation." At the other extreme, it becomes "pay-for-pulse." The responsible "pay-for-performance" solution is to identify precisely those factors that determine sustainable shareholder value, and to compensate management directly for their success or failures at delivering accordingly.

Dennis N. Aust is Managing Director, CharterMast Partners LLC. CharterMast Partners LLC helps directors and senior executives implement effective value management programs. Our insights are based on communicating a thorough understanding of how the market views a firm's fundamental economic performance. Through our affiliation with Callard Research LLC, a top-ranked investment research firm, we provide recommendations based on over three decades of empirical research. Typical projects include strategic planning, incentive compensation, merger & acquisition support, and investor relations & communications. Visit www. chartermast. com for additional information.

Many more articles in The CFO Refresher in The CEO Refresher Archives

Stock options . Abolito l’attuale regime fiscale per le stock options i cui proventi saranno sottoposti all’usuale tassazione progressiva.

Alla faccia dei provvedimenti alla Robin Hood, Le Stock-options tornano ad essere tassate al 12,5% e questo sì che è un bel regalo ai ricchi amministratori di società!

Si torna così ad evadere il fisco legalmente: come si è fatto fino al 2006 (anno in cui Prodi ha cambiato la tassazione)

Fino al 2006 una paga di 100 veniva così separata: 20 di paga (tassati in modo ordinario) e 80 di stock option tassati solo al12.5%. Con Prodi la solfa era cambiata, le tasse sulle stock option sono state adeguate ai livelli europei e portate ad una tassazione di aliquota ordinaria in modo che non tornassero ad essere strumento di evasione! Sottolineo E’ COSì IN TUTTA EUROPA. Berlusconi riporta tutto al 2006, e dunque i membri dei CDA delle società torneranno ad essere tassati soltanto su 1/3 del loro stipendio….

Insomma, un ottimo modo per lottare all’evasione fiscale: basta legalizzarla! Legge sul falso in Bilancio Docet!

Mi piace:

Mi piace Caricamento.

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Caspita Ambra, hai fatto il copia-incolla sia della citazione che del tuo commento riportati sul mio weblog. - RE

Naturalmente scherzo … te sei precisa come sempre … complimentoni per l’analisi fatta e per il tuo spazio informativo (l’ ho letto tutto ma nn dirlo in giro!)

Manderò una mail a Giulio (o a Silvio, ma su msn non ci sono mai; ma che fanno dalla mattina alla sera, bhò?) per avere chiarimenti a riguardo e ti farò sapere :-D

Chiusura della parentesi goliardica: ma quell’ “aleeee” (ma quante “e” ci hai messo?!) è in stile Floris!?

A presto … magari per un commento +serio!

“Intervistate quel cantante Che non ascolta mai la musica Oltre alla sua in ogni istante Sentiamo come si giustifica” Bersani, Lo scrutatore non votante

Lo stesso vale per chi ha “spazi informativi”, a mio avviso :)

Giuro di essere capitata sul tuo blog di nuovo per caso (nessuna persecuzione) il tuo pezzo era questa mattina uno dei pochi sulla finanziaria fra i tag di wordpress, che ho la malsana abitudine si controllare a colazione…. PAG

Quando ho letto delle stock-options i casi erano 2: sbattere la testa sul tavolo o riprendere in mano i miei libri per una controllata alle aliquote e commentare. Siccome tengo alla mia testa e, infondo, tediare la gente è la mia specialità. ho optato per la seconda. ) Il risultato mi è piaciuto e… è diventato un post. Spero la citazione non ti dispiaccia, è riportata in quanto tale fra virgolette. Ho ritenuto la referenza superflua essendo una sola frase che credo essere tratta dal sole 24 ore :)

Si aprono le scommesse sul tuo avatar, è un… Parasole, un Gazebo… una macchina di tortura per comunisti. PAG

La citazione non mi dispiace, anzi! Il mio, poi, non era altro che un commento disinvolto e scherzoso sull’accaduto, o meglio, su quanto scritto da te, che, come il sottoscritto, ha la malsana abitudine non solo di controllare i tag di wordpress a colazione (mai fatto prima!?) ma anche di tediare il prossimo. unesdoc. unesco. org unesdoc. unesco. org

Per quanto riguarda l’avatar, l’idea della macchina di tortura per comunisti non è malvagia, anzi la trovo … sfiziosa!

Dai, aspetta … MOMENTO SERIETA’: l’immagine che uso come avatar non è altri che una porta dalla quale si intravede una figura geometrica, un poliedro non chirale, o meglio, il poliedro di Escher, un solido a 24 facce (24 è la mia età … ecco perchè l’ho scelto). Leggo nella tua mente: no, non ti preoccupare, non ci sono stato un mese sopra a riflettere, mi è venuto ingegneristicamente spontaneo mettere un avatar del genere. - RE

2° MOMENTO SERIETA’: mi spiegheresti le tasse sulle stock option nel resto d’Europa come vengono trattate. (non è una provocazione, sono davvero curioso di saperlo!)

3° MOMENTO SERIETA’: ma sulle scommesse riguardanti il mio avatar ci paghi le tasse. & # 8230; ops … ho sbagliato momento :-P

Grazie cmq delle info … alla prox

;) Anche il mio migliore amico (dav’s corner link a destra!) è ingegnere; so che da voi cervellotici ci si deve aspettare di tutto!

Nel resto d’Europa le stock option sono tassate maggiormente in quanto rendite finanziare, la tassazione è più alta in generale non solo per questo strumento specifico. Cosa che non viene mai detta l’Italia è il Paese con minore tassazione, insieme alla Grecia e all’Irlanda, che però è un caso a parte, ha un economia particolare non comparabile con gli altri paesi dell’Unione.

Dai un occhio tu stesso:

Fonte: IBFD, Guides to European Taxation, Vol. 3° Taxation of private investment income, 2000; Vol. 6° Taxation of individuals in Europe, 2000.

Grazie di che. ) i Blog servono a questo e… vista la situazione dei media in Italia sono tutto ciò che ci rimane!

Ottime info! Rinnovo i miei ringraziamenti, almeno “numericamente” la situazione ora mi è più chiara!

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Tagged with plusvalenza

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Attraverso questo sito è possibile porre, ai nostri consulenti, domande specifiche su argomenti attinenti le aree di specializzazione del nostro studio. In particolare è possibile porre quesiti relativi all'area dei diritto tributario (fiscalità delle persone fisiche e fiscalità dell'impresa), del diritto societario e dell'area contabilità. Entro le 24 ore successive all'invio del quesito, Ti verrà comunicato il nostro preventivo (non vincolante). Con lo stesso messaggio Ti verranno comunicate le modalità di pagamento e le altre indicazioni di Legge. Solo dopo l'accettazione, da parte Tua del preventivo e il ricevimento del pagamento, il parere Ti verrà inviato nelle successive 48 ore, salvo che si tratti di questioni particolarmente complesse per le quali è richiesto un particolare approfondimento. La tariffa applicata dipende dalla complessità del quesito posto. In ogni caso, il preventivo minimo è di 25 euro (Iva compresa). Per sottoporci il Tuo quesito, vai nella sezione "Consulenza on line" e clicca sull'apposito link, oppure compila il modulo in calce ad ogni articolo.

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Plusvalenza da stock options: è reddito da lavoro dipendente

A meno che la differenza tra azioni e somma corrisposta sia almeno pari al prezzo del titolo alla data dell'offerta

La plusvalenza derivante dall'esercizio di un diritto di opzione su azioni, concesso da una Spa a un proprio dirigente, costituisce una componente del reddito da lavoro dipendente e va tassata con aliquota progressiva e non con aliquota fissa del 12,5%. Lo ha deciso la Corte di cassazione con la sentenza 11214/2011.

La vicenda Un dirigente di una Spa riceve nel corso del 1997 delle stock options già in circolazione e nel 2000 realizza una plusvalenza dall'esercizio del diritto di opzione sulle azioni. Oggetto del giudizio è stata la modalità di tassazione di tale plusvalenza. In particolare, il contribuente riteneva che dovesse essere tassata con l'aliquota fissa del 12,5% e che, quindi, gli spettasse il rimborso della differenza fra il valore delle ritenute calcolate col sistema della tassazione progressiva e la tassazione al 12,5% prevista per il capital-gain . L'Amministrazione finanziaria (e anche la società), invece, l'ha considerata una componente del reddito da lavoro dipendente, tassandola con aliquota progressiva. Di conseguenza, l'ufficio ha ritenuto non spettante il rimborso. Ciò perché non si è verificata la condizione di esclusione prevista dall'articolo 48 (ora articolo 51), comma 2, lettera g - bis . Dpr 917/1996: il prezzo delle azioni, al momento dell'offerta, non era pari al loro valore al momento dell'esercizio dell'opzione (era inferiore di 150 lire circa per azione rispetto al loro valore nominale di borsa).

In entrambi i gradi di merito, i giudici, tenuto conto anche di sentenze emesse da altre commissioni, hanno ritenuto spettante il rimborso chiesto dal dirigente sulla base della documentazione prodotta e allegata per dimostrare il numero delle azioni ricevute dalla società, la data, la ricostruzione del prezzo sulla base delle quotazioni borsistiche alla data dell'offerta e il calcolo del valore normale delle stock options .

Ma la Corte suprema ha ricostruito la vicenda alla luce dell'articolo 48 Tuir, vigente ratione temporis, e ha statuito che " per il comma 2, lett. g-bis (aggiunta dal D. Lgs. 23 dicembre 1999, n. 505, art. 13, comma 1, lett. b), n. 2, del D. P.R. dicembre 1986, n. 917, art. 48 (ora 51) ('determinazione del reddito di lavoro dipendente') 'non concorrono a formare il reddito. la differenza tra il valore delle azioni al momento dell'assegnazione e l'ammontare corrisposto dal dipendente, a condizione che il predetto ammontare sia almeno pari al valore delle azioni stesse alla data dell'offerta' (con la precisazione che 'se le partecipazioni, i titoli o i diritti posseduti dal dipendente rappresentano una percentuale di diritti di voto esercitagli nell'assemblea ordinaria o di partecipazione al capitale o al patrimonio superiore al 10 per cento, la predetta differenza concorre in ogni caso interamente a formare il reddito') ".

Inoltre, i giudici di legittimità hanno chiarito che tale disposizione è applicabile esclusivamente alle azioni emesse dall'impresa con la quale il contribuente intrattiene il rapporto di lavoro, nonché a quelle emesse da società che, direttamente o indirettamente, controllano la medesima impresa, ne sono controllate o sono controllate dalla stessa società che controlla l'impresa (comma 2- bis dell'articolo 48, ora 51).

Osservazioni La Cassazione individua, in generale, le fattispecie nelle quali le somme percepite a seguito dell'esercizio delle stock options concorrono a formare il reddito da lavoro dipendente e, in particolare, per tali casi, precisa quale sia la disciplina applicabile ratione temporis . Era contenuto nell'articolo 48, comma 2, lettera g - bis . e comma 2 bis . Tuir, "… il regime fiscale delle c. d. stock options (offerta di acquisto, ad una data scadenza, di un diritto di opzione su specifiche azioni), ovverosia del beneficio economico derivante al lavoratore dipendente dall'esercizio (mediante la sua accettazione), alla scadenza prevista, dell'offerta (di acquisto) di azioni, sempre che emesse dall'impresa con la quale il contribuente intrattiene il rapporto di lavoro o da società che direttamente o indirettamente, controllano la medesima impresa, ne sono controllate o sono controllate dalla stessa società che controlla l'impresa " (Cassazione 11214/2011). In particolare, tale regime prevede l'esenzione di una quota parte del reddito di lavoro dipendente in misura corrispondente alla differenza tra il valore delle particolari azioni al momento dell'assegnazione e l'ammontare corrisposto dal dipendente ( strike price ) quando l'opzione viene esercitata ( exercise date ) non concorre a formare il suo reddito a condizione che la stessa differenza sia almeno pari al valore delle azioni stesse alla data dell'offerta ( grant date ), con la precisazione che se le partecipazioni, i titoli o i diritti posseduti dal dipendente rappresentano una percentuale di diritti di voto esercitabili nell'assemblea ordinaria o di partecipazione al capitale o al patrimonio superiore al 10%, la predetta differenza concorre in ogni caso interamente a formare il reddito (articolo 48, comma 2, lettera g - bis ).

Diversamente, se la condizione non si verifica (cioè se la differenza è maggiore rispetto al valore delle azioni alla data dell'offerta), allora si è in presenza di una componente del reddito da lavoro del dipendente. E nel caso in esame, il beneficio non ha potuto produrre i suoi effetti poiché il prezzo delle azioni al momento dell'offerta era inferiore (di circa 150 lire per azione) rispetto al valore normale di borsa delle azioni stesse. Né li avrebbe prodotti se, nonostante il valore coincidente tra l'ammontare corrisposto e il valore delle azioni al momento dell'offerta, non fosse stato il dipendente a versare il corrispettivo del valore delle azioni ma le azioni fossero state assegnate al dipendente a titolo gratuito e a spese della società come benefit (Cassazione 13131/2010).

Nessun dubbio per la Corte suprema sull'applicabilità al caso di specie, ratione temporis . del novellato articolo 48 Tuir. Nella sua originaria formulazione, la norma disponeva la non concorrenza al reddito da lavoro dipendente, ai fini Irpef, del valore delle azioni assegnate ai dipendenti: si trattava di un regime agevolato senza limiti e non subordinato neanche a un periodo di detenzione minimo delle azioni. Diversamente, dopo le modifiche introdotte con il decreto legislativo 505/1999.

L'articolo 13 del decreto, al comma 2, infatti, dispone che i nuovi precetti si applicano a decorrere dal 1° gennaio 2000, ma non alle assegnazioni di titoli effettuate precedentemente a tale data, nonché a quelle derivanti dall'esercizio di opzioni attribuite dal 1° gennaio 1998 fino alla data di entrata in vigore del decreto. Di conseguenza, nella fattispecie sottoposta all'esame della Corte, è pacifico sia che il diritto di opzione è stato attribuito in data anteriore al 1998, sia che l'opzione è stata esercitata quando la nuova disciplina era già entrata in vigore.

Seguendo l'interpretazione della Corte, per le 'assegnazioni di titoli' considerate dal legislatore, il momento temporale rilevante ai fini dell'individuazione della disciplina applicabile va identificato in quello in cui la datrice di lavoro, onorando l'offerta di acquisto fatta in precedenza, assegna (trasferendone la titolarità) i titoli azionari offerti al suo dipendente. A tale riguardo, la Cassazione ha precisato che, per le assegnazioni di titoli intervenute come nel caso di specie dopo il 1° gennaio 2000, se la differenza tra il valore delle azioni al momento dell'assegnazione e l'ammontare corrisposto dal dipendente risulta superiore al valore delle azioni stesse alla data dell'offerta, non assume più alcuna rilevanza che l'offerta dell'opzione si sia verificata in epoca anteriore. La plusvalenza da stock options . quindi, va tassata quale componente del reddito da lavoro dipendente proprio perché la ratio della norma va rinvenuta nel fine di evitare che il piano di azionariato sia utilizzato per corrispondere al dipendente compensi non soggetti a tassazione mediante l'offerta di titoli a un prezzo inferiore al loro valore normale.

E a tale conclusione la Corte è pervenuta non solo a seguito della ricostruzione giuridico - formale delle norme applicabili, ma anche a seguito della valutazione materiale - sostanziale dei fatti: nei gradi di merito è emerso che il dirigente non ha dedotto né provato che le somme incassate a seguito della stock option da lui esercitata potevano essere escluse dalla formazione del reddito da lavoro dipendente, lasciando così spazio all'applicazione del principio di omnicomprensività di tale tipologia reddituale (i redditi da lavoro dipendente sono costituiti da tutte le somme e i valori in genere, a qualunque titolo percepiti nel periodo di imposta, anche sotto forma di erogazioni liberali, in relazione al rapporto di lavoro).

Infine, deve osservarsi che diverse modifiche normative, successive al Dlgs 505/1999, sono state introdotte al trattamento fiscale delle stock options (articolo 36, comma 25, del Dl 223/2006; articolo 2, comma 29, del Dl 262/2006) fino all'abolizione del suddetto regime agevolato ad opera dell'articolo 82, comma 23, del Dl 112/2008, convertito con modificazioni dalla legge 133/2008, che ha "cancellato" la lettera g - bis dell'articolo 48 (ora 51) Tuir.

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Versione 13 febbraio 2013

Le pagine che seguono contengono una breve guida, in formato Q&A, alla normativa introdotta dal Governo con il Decreto Legge 18 ottobre 2012, n. 179, come convertito in legge dalla Legge 17 dicembre 2012, n. 221 in materia di start-up innovative (il “Decreto”).

IMPORTANTE - Questo Q&A contiene informazioni di carattere generale e non costituisce attività di consulenza legale, fiscale o di altro tipo né può essere considerato un parere in materia legale, fiscale o in altre materie. E’ importante che per ogni decisione fondata sulle norme del Decreto ci si rivolga a un avvocato o, a seconda dei casi, altro professionista di fiducia.

NUOVE NORME PER LE

A. CARATTERISTICHE GENERALI DELLA RIFORMA

1. Q. A cosa servono le nuove norme?

A. Le nuove norme facilitano la creazione e lo sviluppo delle start-up .

a) riducendo i costi di costituzione;

b) semplificando e rendendo più flessibile la gestione di alcuni aspetti della vita societaria (copertura delle perdite, struttura e gestione del capitale, offerta di partecipazioni, esclusione di penalizzazioni fiscali in caso di perdite sistematiche);

c) incentivando la creazione e l’operatività di incubatori “certificati”;

d) agevolando la remunerazione di amministratori, dipendenti, collaboratori, consulenti e fornitori mediante la partecipazione al capitale (c. d. work for equity );

e) agevolando l’assunzione di dipendenti a tempo determinato;

f) prevedendo la creazione di portali per la raccolta di capitali presso il pubblico (c. d. crowdfunding );

g) prevedendo incentivi fiscali per gli investimenti nelle start-up ;

h) rendendo più semplice e rapida la gestione della crisi delle start-up .

2. Q. Le norme sono già efficaci?

A. Sì, ma vi sono alcune eccezioni. In particolare:

a) per le agevolazioni fiscali degli investimenti nelle “ start-up innovative” (vedi punto H.1 sotto) bisognerà aspettare che il Ministero dell’Economia e il Ministero dello Sviluppo individuino le c. d. “modalità attuative” di tali agevolazioni. Il Decreto prevedeva che ciò avvenisse entro 60 giorni dall’entrata in vigore del Decreto stesso, quindi entro il 19 dicembre 2012. Alla data di questo Q&A, tuttavia, il decreto attuativo non è stato ancora emanato. Vi terremo aggiornati su questo aspetto su www. startuplex. com. Va detto peraltro che l’efficacia delle norme che prevedono tali agevolazioni fiscali è anche subordinata all’autorizzazione da parte della Commissione europea, che ne dovrà valutare la compatibilità con l’ordinamento comunitario;

b) per la piena operatività delle disposizioni sul crowdfunding (vedi punti da G.1 a G.6 sotto) bisognerà aspettare l’adozione delle disposizioni attuative da parte della Consob. Il Decreto prevede che questo avvenga entro 90 giorni dall’entrata in vigore della legge di conversione, ovvero entro il 19 marzo 2013. Anche su questo intervento della Consob vi terremo aggiornati su www. startuplex. com ;

c) per la piena operatività delle agevolazioni al credito sotto forma di accesso al Fondo centrale di garanzia per le piccole e medie imprese (vedi Punto G.7 sotto) occorrerà aspettare i criteri e le modalità attuative che saranno individuate con decreto dal Ministro dello sviluppo economico di concerto con il Ministro dell’economia e delle finanze, da adottarsi entro 60 giorni dall’entrata in vigore della legge di conversione, ovvero entro il 18 febbraio 2013. Vi terremo aggiornati su www. startuplex. com su questo decreto ministeriale.

B. REQUISITI E COSTITUZIONE

1. Q. A chi si applicano le nuove norme?

A. Le nuove norme si applicano solo alle c. d. & # 8220; start-up ” innovative.

2. Q. Che cos’è una “ start-up innovativa”?

A. Una “ start-up innovativa” è una società per azioni o una società a responsabilità limitata (oppure altra società di capitali, anche in forma di cooperativa o di Società Europea), non quotata, che soddisfi tutti i seguenti requisiti:

a) al momento della costituzione e per i successivi 24 mesi, la maggioranza delle azioni o quote deve essere detenuta da persone fisiche,

b) deve esser stata costituita e svolgere attività di impresa da non più di 48 mesi,

c) deve avere la sede principale dei propri affari e interessi in Italia,

d) il valore totale della produzione risultante dall’ultimo bilancio approvato non deve essere superiore a Euro 5 milioni,

e) non deve distribuire e aver distribuito utili,

f) deve avere per oggetto sociale esclusivo o prevalente lo sviluppo, la produzione e la commercializzazione di “prodotti o servizi innovativi ad alto valore tecnologico” mi

g) non deve essere stata costituita per effetto di operazioni di fusione, scissione o a seguito di cessione di azienda o di ramo d’azienda;

e almeno uno dei seguenti ulteriori “requisiti di innovazione”:

a) deve investire in ricerca e sviluppo almeno il 20% del maggior valore tra costo e valore totale della produzione;

b) un terzo dei dipendenti e collaboratori devono essere (i) dottori di ricerca o dottorandi; oppure (ii) laureati che abbiano svolto attività di ricerca per almeno 3 anni; oppure

c) deve essere titolare, depositaria o licenziataria (anche non esclusiva) di almeno un brevetto per invenzione industriale o biotecnologica, di una topografia di prodotto a semiconduttori o di una nuova varietà vegetale direttamente relativi all’oggetto sociale e all’attività di impresa (c. d. diritti di privativa industriale).

3. Q. Cosa sono i costi di “ricerca e sviluppo”?

A. La norma prevede che, in aggiunta a quanto previsto dai principi contabili, devono annoverarsi tra le spese in ricerca e sviluppo:

a) le spese relative allo sviluppo precompetitivo e competitivo, quali la sperimentazione, prototipazione e sviluppo del business plan ;

b) le spese relative ai servizi di incubazione fornite da incubatori certificati;

c) i costi lordi di personale interno e consulenti esterni impiegati nelle attività di ricerca e sviluppo, inclusi soci ed amministratori;

d) le spese legali per la registrazione e protezione di proprietà intellettuale, termini e licenze d’uso.

Oltre a quanto espressamente previsto dalla norma, il Principio Contabile 24 stabilisce che i costi per la ricerca e lo sviluppo includono, a titolo esemplificativo:

a) gli stipendi, i salari e gli altri costi relativi al personale impegnato nelle attività di ricerca e sviluppo;

b) i costi dei materiali e dei servizi impiegati nelle attività di ricerca e sviluppo;

c) l’ammortamento di immobili (sono escluse le spese per l’acquisto di beni immobili), impianti e macchinari, nella misura in cui tali beni sono impiegati nelle attività di ricerca e sviluppo;

d) i costi indiretti, diversi dai costi e dalle spese generali ed amministrative, relativi alle attività di ricerca e sviluppo;

e) gli interessi passivi sostenuti, a fronte di finanziamenti specificamente ottenuti ed utilizzati per lo svolgimento dell’attività di ricerca e sviluppo;

f) gli altri costi, quali l’ammortamento di brevetti e licenze, nella misura in cui tali beni sono impiegati nell’attività di ricerca e sviluppo.

4. Q. Vorrei costituire una “ start-up innovativa” e beneficiare di queste norme. Cosa devo fare?

A. Devi costituire una società per azioni o una società a responsabilità limitata (oppure altra società di capitali, anche in forma di cooperativa o di Società Europea) che soddisfi i requisiti indicati al punto B.2 sopra. La “ start-up innovativa” non appena costituita dovrà essere iscritta in una sezione speciale del Registro delle Imprese (per gli adempimenti amministrativi relativi a tale iscrizione vedi post dell’8 gennaio 2013 su www. startuplex. com).

5. Q. Ho già costituito una start-up ; posso beneficiare della normativa sulle “ start-up innovative”? Cosa devo fare?

A. Se hai una start-up costituita da meno di quattro anni dall’entrata in vigore della legge di conversione, e cioè dal 19 dicembre 2012, che possiede i requisiti previsti dal Decreto (vedi punto B.2 sopra) puoi beneficiare della nuova normativa.

In tal caso, entro 60 giorni dalla entrata in vigore della legge di conversione (e quindi entro il 18 febbraio 2013) devi depositare presso il Registro delle Imprese una dichiarazione che attesti il possesso di tali requisiti.

Se la società già esistente è riconosciuta come “ start-up innovativa”, la disciplina si applicherà per un periodo di (i) 4 anni dalla data di entrata in vigore del Decreto (ovvero sino al 20 ottobre 2016) se la società è stata costituita entro i due anni precedenti, (ii) 3 anni dalla data di entrata in vigore del Decreto (ovvero sino al 20 ottobre 2015) se è stata costituita entro i tre anni precedenti e (iii) 2 anni dalla data di entrata in vigore del Decreto (ovvero sino al 20 ottobre 2014) se è stata costituita entro i quattro anni precedenti. (In pratica, le nuove norme in tutti questi casi si applicheranno sino a un massimo di sei anni dalla costituzione della start-up .) Per alcuni aspetti pratici relativi alle attività da compiere per usufruire della nuova normativa da parte delle start-up già costituite, si vedano i post del 21 dicembre 2012 e dell’8 gennaio 2013 su www. startuplex. com.

Una start-up costituita da più di quattro anni non potrà beneficiare della normativa sulle “ start-up innovative”.

6. Q. Cos’è una “ start-up a vocazione sociale”? Il Decreto prevede dei benefici specifici?

A. Una “ start-up a vocazione sociale” è una “ start-up innovativa” che opera in via esclusiva in uno dei seguenti settori: assistenza sociale, sanitaria o socio sanitaria; educazione, istruzione e formazione; tutela dell’ambiente e dell’ecosistema; valorizzazione del patrimonio culturale; turismo sociale; formazione universitaria e post-universitaria; ricerca ed erogazione di servizi culturali; formazione extrascolastica, finalizzata alla prevenzione della dispersione scolastica e al successo scolastico e formativo.

Per le “ start-up a vocazione sociale”, il Decreto prevede, oltre a tutti i benefici riservati alle “ start-up innovative”, un trattamento fiscale di ancora maggior favore per gli investimenti effettuati in tali tipi di start-up (vedi punto H.1 sotto).

7. Q. Mi fate un esempio pratico di società che non costituisce una “ start-up innovativa”?

A. Una start-up costituita in forma di società a responsabilità limitata (bene), con sede legale in Italia (perfetto), il cui capitale è detenuto per il 75% da persone fisiche (giusto, la maggioranza del capitale deve essere in mano a persone fisiche), il cui fatturato dell’ultimo anno di esercizio è stato pari a Euro 750.000 (quindi meno di Euro 5 milioni, giusto anche questo) senza alcuna distribuzione di utili (fin qui tutto bene) e che svolge attività di produzione e vendita di gelati tramite negozi situati sul territorio nazionale (no! questo è un problema).

È necessario che la start-up abbia come oggetto sociale esclusivo o prevalente lo sviluppo, la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico .

Purtroppo la norma non specifica cosa sia un prodotto o un servizio “innovativo ad alto valore tecnologico” (né avrebbe potuto farlo probabilmente). Questo è uno dei punti più delicati della normativa e che con ogni probabilità darà luogo a molte discussioni. Tuttavia in molti casi, come una gelateria tradizionale ad esempio, sarà abbastanza agevole escludere il carattere innovativo e l’alto valore tecnologico dell’impresa.

8. Q. La mia start-up ha depositato una domanda di brevetto ma non ha ancora ricevuto la concessione del brevetto stesso: soddisfa comunque il relativo requisito?

A. La norma indica specificamente che una start-up può qualificarsi come innovativa se è “depositaria” di un brevetto (o di una delle c. d. “privative industriali” elencate dal Decreto). Anche se non è del tutto chiaro, il termine “depositario” dovrebbe comprendere anche le start-up che abbiano depositato una domanda di brevetto (o di altra “privativa industriale”) e siano ancora in attesa della sua concessione.

9. Q. La mia start-up ha sviluppato un software e lo ha registrato presso la SIAE: questo diritto di proprietà intellettuale rientra nelle c. d. privative industriali richieste per soddisfare i requisiti di innovazione (vedi punto B.2 sopra)?

A. No. Il requisito di innovazione relativo alle privative industriali (come ad esempio brevetti o le varietà vegetali) riguarda esclusivamente diritti registrati, ossia che vengono in essere quando vengono verificati, registrati e concessi dagli uffici brevetti, che sono competenti in materia. Se la start-up sviluppa nuovi software . che sono protetti sin dal momento della loro creazione dal diritto d’autore (senza intervento o verifica di alcun ente “esterno”), per rientrare nella definizione di “ start-up innovativa” dovrà soddisfare uno degli altri due requisiti di innovazione (costi ricerca e sviluppo o collaboratori qualificati) (vedi punto B.2 sopra).

1. Q. Cos’è un “incubatore”?

A. Un incubatore di start-up è un soggetto che sostiene e accompagna lo sviluppo delle start-up dal concepimento dell’idea imprenditoriale al suo primo sviluppo, offrendo loro attività di formazione, sostegno operativo, strumenti e luoghi di lavoro e favorendo il contatto con gli investitori.

2. Q. Quali sono i requisiti che un incubatore deve avere per essere “certificato”?

A. Per essere “certificato”, l’incubatore deve essere una società di capitali (anche in forma di cooperativa o di Società Europea) e deve soddisfare tutti i seguenti requisiti:

a) disporre di strutture adatte ad accogliere le “ start-up innovative” anche per condurre test e ricerche,

b) disporre di attrezzature adeguate all’attività delle “ start-up innovative”, tra cui accesso alla rete internet, sale riunioni, macchinari per test . prove o prototipi, a seconda delle attività condotte dalle “ start-up innovative” incubate,

c) essere amministrato o diretto da persone di riconosciuta competenza in materia di impresa e innovazione e avere a disposizione una struttura tecnica e di consulenza manageriale permanente,

d) avere regolari rapporti di collaborazione con università, centri di ricerca, istituzioni pubbliche e partner finanziari che svolgono attività e progetti collegati a “ start-up innovative”,

e) avere un adeguato e consolidato track record nell’attività di sostegno a “ start-up innovative”.

3. Q. Perché un incubatore deve essere “certificato” e che cosa deve fare per ottenere la “certificazione”?

A. Non si tratta di una vera e propria “certificazione” dell’attività dell’incubatore, ma di una procedura piuttosto semplice per censire gli incubatori effettivamente attivi in Italia, rendere facilmente accessibili i loro dati al pubblico - in particolare alle “ start-up innovative” - e agevolare il loro accesso ai benefici previsti dalla normativa sulle “ start-up innovative”.

L’incubatore deve solo autocertificare di possedere i requisiti previsti dalla normativa e, una volta fatto ciò, verrà iscritto in una specifica sezione speciale del Registro delle Imprese dedicata agli “incubatori certificati”. L’incubatore deve periodicamente aggiornare le informazioni che lo riguardano sul Registro delle Imprese e confermare che continua a possedere i requisiti previsti.

4. Q. Quali benefici sono previsti a favore degli “incubatori certificati”?

A. Agli “incubatori certificati” vengono estesi alcuni dei benefici previsti a favore delle “ start-up innovative”, tra cui:

a) la possibilità di emettere strumenti finanziari partecipativi;

b) le agevolazioni relative al c. d. work-for-equity e ai piani d’incentivazione;

c) l’esonero dal pagamento dell’imposta di bollo e dei diritti di segreteria dovuti per l’iscrizione nel Registro delle Imprese e dal pagamento del diritto annuale dovuto in favore delle camere di commercio.

D. AGEVOLAZIONI SOCIETARIE

1. Q. Quanto risparmio se costituisco una società come “ start-up innovativa”?

A. Le “ start-up innovative” non sono tenute al pagamento:

a) dell’imposta di bollo dovuta per l’iscrizione nel Registro delle Imprese (Euro 156),

b) dei diritti di segreteria dovuti per l’iscrizione nel Registro delle Imprese (Euro 90),

c) del diritto annuale in favore della camera di commercio (Euro 200).

2. Q. Posso costituire una start-up innovativa nella forma di società a responsabilità limitata semplificata o a capitale ridotto?

A. Sì. Nel gennaio 2012, al fine di sostenere l’imprenditoria giovanile, il Governo ha creato la c. d. società a responsabilità limitata semplificata (S. s.r. l.). Uno dei principali vantaggi della S. s.r. l. è che il capitale della società può essere limitato a un solo Euro. Una “ start-up innovativa” può essere costituita anche nella forma di S. s.r. l. sempre che ricorrano i presupposti della S. s.r. l. tra i quali:

a) nessun socio deve aver compiuto i 35 anni di età (è vietata la cessione delle quote a chi non ha tale requisito di età),

b) la costituzione deve avvenire per atto pubblico di fronte a un notaio completando un modello standard di atto costitutivo (non sono dovuti oneri notarili),

c) il capitale sociale deve essere almeno pari a Euro 1 (e inferiore a Euro 10.000). All’atto della costituzione della S. s.r. l. il capitale sociale deve essere interamente sottoscritto e versato in denaro nelle mani degli amministratori,

d) gli amministratori devono essere scelti tra i soci.

Per chi ha più di 35 anni di età il Governo nel giugno 2012 ha introdotto un’altra forma societaria, la c. d. S. r.l. “a capitale ridotto”. Anche in questo caso uno dei principali vantaggi è che il capitale sociale può essere limitato a un solo Euro. Una “ start-up innovativa” può essere costituita anche nella forma di S. r.l. a capitale ridotto.

3. Q. Ho sentito dire che in Italia le c. d. “società di comodo” e “in perdita sistematica” sono penalizzate dal punto di vista fiscale. Cosa significa? Le “ start-up innovative” sono penalizzate da questa disciplina?

A. In Italia, alle società che non conseguono un fatturato minimo o le cui perdite sono costanti nel tempo (c. d. “società di comodo” e “in perdita sistematica”) di norma è imputato ai fini fiscali un reddito minimo determinato in via forfettaria, vale a dire tali società sono tassate come se avessero conseguito tale reddito minimo anche se di fatto hanno conseguito un reddito inferiore o pari a zero. Queste regole non si applicano alle “ start-up innovative” che pertanto, anche in caso di fatturato sotto i minimi o perdite costanti nel tempo, restano comunque soggette a imposizione sui redditi solo per redditi effettivamente conseguiti.

4. Q. Cosa succede se la mia “ start-up innovativa” riporta delle perdite?

A. Per le perdite fino a un terzo del capitale nulla (come per le società normali). Se le perdite eccedono il terzo del capitale ma non riducono il capitale al di sotto il minimo legale, le perdite possono essere “rinviate a nuovo” per due esercizi consecutivi (mentre le società normali possono rinviare a nuovo le perdite per un solo esercizio). Se entro i due esercizi successivi le perdite non risultano diminuite a meno di un terzo del capitale, il capitale deve essere ridotto in proporzione delle perdite.

Nel caso invece in cui le perdite riducano il capitale al di sotto del minimo legale, le norme ordinarie prevedono che la società debba essere immediatamente ricapitalizzata, pena lo scioglimento. Le “ start-up innovative” invece possono rinviare la ricapitalizzazione sino alla chiusura dell’esercizio successivo.

5. Q. Ho sentito dire che, in termini di struttura e gestione del capitale, le S. r.l. offrono meno flessibilità delle S. p.a. Ho costituito la mia “ start-up innovativa” in forma di S. r.l. per risparmiare, ma mi serve questo tipo di flessibilità. Come posso fare?

A. Le norme da questo punto di vista concedono una flessibilità alle “ start-up ” innovative costituite in forma di S. r.l. che le S. r.l. normali non hanno. Infatti, le “ start-up innovative” costituite in forma di S. r.l. possono:

a) creare categorie di quote prive di diritti di voto o con diritti di voto non proporzionali alla partecipazione,

b) emettere strumenti finanziari partecipativi (non imputati a capitale), vale a dire che possono consentire (i) alla società di ricevere apporti in denaro, di opera o servizi senza dover seguire le regole sui conferimenti e (ii) ai sottoscrittori di tali strumenti di avere alcuni diritti patrimoniali (ad. es. il diritto di partecipare agli utili della società) o anche di nomina di un amministratore,

c) comprare, vendere ed effettuare altre operazioni sulle proprie partecipazioni in attuazione di piani di incentivazione a favore di dipendenti e collaboratori (vedi punti E.1 ed E.3 sotto).

6. Q. E’ vero che le S. r.l. non possono offrire le proprie partecipazioni al pubblico? E una “ start-up innovativa” costituita in forma di S. r.l.?

A. Sì, mentre una S. p.a. può offrire le proprie azioni al pubblico, una S. r.l. normale non può offrire le proprie quote al pubblico. Tuttavia, a differenza delle S. r.l. normali, le quote delle “ start-up innovative” costituite in forma di S. r.l. possono invece essere oggetto di offerta al pubblico (anche attraverso l’impiego di portali di crowdfunding ) (vedi punto G.6 sotto). Resta comunque preclusa anche per le “ start-up innovative” costituite in forma di S. r.l. la possibilità di essere quotate in Borsa.

E. WORK FOR EQUITY

1. Q. Specie nelle fasi iniziali la mia start-up non avrà molta liquidità a disposizione. Posso pagare amministratori, dipendenti e collaboratori interamente con equity anziché in denaro?

A. Sì. Le start-up innovative possono assegnare equity ad amministratori, dipendenti e collaboratori nel contesto di piani di incentivazione quale corrispettivo di opere e servizi resi alla “ start-up innovativa” (c. d. work for equity ).

Dal punto di vista fiscale e contributivo, le partecipazioni all’ equity così attribuite non costituiscono reddito dell’amministratore, dipendente o collaboratore e pertanto non sono soggette a imposizione né a oneri contributivi. Se e quando tali partecipazioni saranno cedute, verrà tassata solo l’eventuale plusvalenza o guadagno (vale a dire la differenza tra prezzo di cessione e prezzo originario di acquisto, prezzo che sarà ad esempio pari a zero in caso di assegnazione completamente gratuita).

Per di più, al momento della cessione si applicherà la più favorevole aliquota applicabile ai c. d. capital gain (oggi pari al 20%) e non le aliquote applicabili ai redditi da lavoro dipendente (purché la partecipazione non sia superiore a certe soglie).

Queste norme si applicano purché le partecipazioni non siano state riacquistate dalla “ start-up innovativa” (o da soggetti che fanno parte del suo gruppo societario). In caso contrario si perde il regime fiscale di favore, dunque il valore normale dell’ equity assegnata sarà considerato reddito di lavoro e pertanto sarà assoggettato a tassazione e a oneri contributivi come reddito da lavoro nell’anno in cui avviene la cessione alla “ start-up innovativa” o a soggetti del suo gruppo applicando le aliquote corrispondenti. Invece, l’eventuale plusvalenza anche in questo caso sarà comunque tassata secondo l’aliquota applicabile ai capital gain .

Questo regime di favore rende fiscalmente efficiente l’utilizzo del c. d. work for equity e costituisce una delle più importanti novità della normativa. Più in specifico sugli aspetti fiscali vedi punto H.2 sotto.

In ogni caso, il compenso pagato ai dipendenti non può essere costituito unicamente da equity . ma deve prevedere comunque una componente fissa in denaro stabilita dai contratti collettivi di lavoro applicabili (vedi punto F.2 sotto).

2. Q. Posso utilizzare le stesse modalità per pagare consulenti e fornitori?

A. Sì, il medesimo regime fiscale si applica all’assegnazione di equity a consulenti e fornitori come corrispettivo di opere, servizi e merci forniti alla start-up . In questo caso però il regime fiscale di favore si applica anche se le partecipazioni sono successivamente cedute alla start-up innovativa o a soggetti che fanno parte del suo gruppo societario.

3. Q. Mi è stato proposto di lavorare per una “ start-up innovativa”, promettendomi una partecipazione all’ equity . Cosa devo sapere?

A. La partecipazione all’ equity da parte di collaboratori e dipendenti è una pratica molto diffusa per le start-up negli USA e altrove. Questo sistema permette infatti a chi lancia una start-up di attirare le risorse professionali necessarie all’impresa anche senza poter pagare nell’immediato salari competitivi. Chi accetta di lavorare in una “ start-up innovativa” rinuncia magari a una retribuzione più alta nell’immediato, ma partecipando all’ equity ha la possibilità di ottenere nel tempo un maggiore guadagno in caso di successo della start-up . Questa forma di retribuzione viene fortemente incentivata dal Decreto da un punto di vista fiscale e contributivo.

Infatti, le partecipazioni che riceverai come compenso del tuo lavoro non costituiscono reddito da lavoro dipendente e pertanto non sono soggette a imposizione né a oneri contributivi. Se e quando cederai tali partecipazioni, verrà tassata solo l’eventuale plusvalenza o guadagno (vale a dire la differenza tra prezzo di cessione e il prezzo a cui le hai acquistate, prezzo che sarà ad esempio pari a zero in caso ti siano state assegnate gratuitamente). Per di più, al momento della tassazione si applicherà la più favorevole aliquota applicabile ai c. d. capital gain (oggi pari al 20%) e non le aliquote applicabili ai redditi da lavoro dipendente (purché la partecipazione non sia superiore a certe soglie).

Facciamo un esempio: se nei primi tre anni di lavoro con una start-up ti vengono assegnate gratuitamente quote di capitale per un importo pari a Euro 20.000, questa somma non sarà calcolata nel tuo reddito imponibile ai fini delle imposte e dei contributi previdenziali. Se dopo questi tre anni venderai le tue quote a un soggetto esterno al gruppo della start-up (ad esempio, un investitore di venture capital ) per Euro 100.000, al momento della cessione pagherai le imposte sulla tua plusvalenza (Euro 100.000 – Euro 0 (poiché l’assegnazione è stata gratuita) = Euro 100.000). L’imposta sarà pari a Euro 20.000 (ovvero il 20% di Euro 100.000).

Se vuoi mantenere questi benefici fiscali è importante che le partecipazioni che ti verranno assegnate non siano riacquistate dalla “ start-up innovativa” o da soggetti che fanno parte del suo gruppo societario. In caso contrario il reddito di lavoro derivante dall’assegnazione dell’ equity e l’eventuale plusvalenza saranno assoggettati a tassazione nell’esercizio in cui avviene la cessione alla start-up innovativa o a soggetti del suo gruppo.

Anche in questo caso, facciamo un esempio. Nell’ipotesi precedente, se le quote fossero riacquistate dalla start-up allo scadere del terzo anno, nell’esercizio in cui avviene la cessione, la somma di Euro 20.000 costituirebbe reddito di lavoro imponibile a fini fiscali e contributivi e sarebbe tassato applicando le aliquote corrispondenti. Il corrispettivo eccedente (cioè Euro 100.000 – Euro 20.000 = Euro 80.000) sarebbe tassato sempre nello stesso anno con aliquota applicabile ai c. d. capital gain (oggi pari al 20%).

In ogni caso, la tua retribuzione dovrà prevedere comunque una componente fissa in denaro, non inferiore ai minimi retributivi fissati dai contratti collettivi di lavoro applicabili, a livello nazionale o decentrato (vedi punto F.2 sotto).

F. CONTRATTI DI LAVORO

1. Q. Vorrei che la mia “ start-up innovativa” avesse una struttura del personale flessibile, senza vincoli contrattuali di durata eccessiva. La nuova normativa cosa mi consente di fare?

A. Le “ start-up innovative” possono, nel limite massimo di quattro anni dalla loro costituzione (o nel più limitato periodo di tempo previsto per le start-up già esistenti in possesso dei requisiti richiesti dalla normativa (vedi punti B.2 e B.5 sopra)), assumere dipendenti con contratto a tempo determinato, anche in somministrazione di durata tra 6 e 36 mesi senza specificare le “ragioni di carattere tecnico, produttivo, organizzativo o sostitutivo” alla base del contratto, come devono invece fare le altre imprese. Per i contratti a tempo determinato, anche in somministrazione, di durata inferiore a 6 mesi, continuerà ad applicarsi la normativa vigente.

Con lo stesso dipendente, inoltre, possono essere stipulati anche più contratti a termine consecutivi, entro il limite massimo di 36 mesi, senza dover rispettare gli intervalli previsti dalla legge (60 o 90 giorni) o dalla contrattazione collettiva. Dopo i 36 mesi, ma comunque entro i limiti temporali di cui sopra, le parti possono decidere di stipulare un nuovo contratto a termine per una durata massima di un anno, ma solo se lo stesso viene sottoscritto innanzi alla Direzione Territoriale del Lavoro.

La prosecuzione dei rapporti di lavoro a termine oltre il limite temporale sopra descritto comporta l’automatica trasformazione dei rapporti in contratti a tempo indeterminato. Il regime di favore viene quindi concesso per il tempo considerato “fisiologico” a lanciare una “ start-up innovativa”, a verificarne la profittabilità e a individuare la struttura dei costi del personale più adatta all’impresa.

Questo regime si applica solo ai rapporti di lavoro stipulati per lo svolgimento di attività inerenti o strumentali all’oggetto sociale della “ start-up innovativa”. Quindi, ad esempio, non si applica al rapporto di lavoro con la receptionist o con l’addetto alle pulizie.

2. Q. Ci sono regole specifiche per quanto riguarda la retribuzione dei dipendenti?

A. Sì. La retribuzione dei dipendenti assunti da una “ start-up innovativa” deve essere necessariamente costituita da una componente fissa e da una componente variabile.

La componente fissa non può essere inferiore ai minimi retributivi previsti, per il rispettivo livello di inquadramento, dai contratti collettivi nazionali di lavoro applicabili. Anche la contrattazione decentrata (aziendale o territoriale), se a ciò delegata dai contratti collettivi nazionali di lavoro, potrà definire appositi criteri per la determinazione dei minimi retributivi tabellari, oltre a regole ad hoc per la gestione del rapporto di lavoro per le “ start-up innovative”.

La componente variabile può consistere sia in una somma di denaro che in una partecipazione all’ equity (vedi punti E.1 ed E.3 sopra). Tale componente variabile non è soggetta a limiti minimi e deve essere legata alla redditività dell’impresa o alla produttività del lavoratore o, ancora, del gruppo di lavoro o ancora ad altri parametri di rendimento concordati tra le parti.

3. Q. Non ho una “ start-up innovativa”; posso stipulare contratti di lavoro a termine con i miei dipendenti o contratti di somministrazione di lavoro a tempo determinato con le Agenzie per il Lavoro?

A. Sì, ma devi specificare per iscritto, nell’ambito del contratto a termine o del contratto di somministrazione a tempo determinato, le “ragioni di carattere tecnico, produttivo, organizzativo o sostitutivo” poste alla base del contratto stesso e che lo giustificano. Senza questo tipo di specificazione e al di fuori di ipotesi specifiche, il contratto si può stipulare comunque ma:

a) non può durare più di un anno,

b) non può essere stipulato con dipendenti con cui hai già intrattenuto rapporti di lavoro, e

c) non è prorogabile, anche se di durata inferiore a un anno.

4. Q. Ho una “ start-up innovativa”; posso stipulare contratti di lavoro a termine con i miei dipendenti o contratti di somministrazione di lavoro? Ho dei benefici rispetto alle altre imprese?

A. Certo, le “ start-up innovative” possono stipulare contratti a termine o contratti di somministrazione di lavoro a tempo determinato di durata compresa tra 6 e 36 mesi indicando che il lavoratore sarà impiegato nello svolgimento di attività “inerenti o strumentali” all’oggetto sociale dalle “ start-up innovative”, quindi senza specificare le “ragioni di carattere tecnico, produttivo, organizzativo o sostitutivo” alla base del contratto come devono fare le altre imprese. Ciò perché la qualifica di “ start-up innovativa” del datore di lavoro costituisce di per sé una delle ragioni che consentono il ricorso al contratto o alla somministrazione di lavoro a termine. Questa disciplina di favore opera nel limite di 4 anni dalla costituzione della società (o per il più limitato periodo di tempo previsto per le società già esistenti che, se in possesso dei requisiti richiesti, possono essere definite come “ start-up innovative” (vedi punti B.2 e B.5 sopra)).

Inoltre non si applicano alcune delle restrizioni previste per le altre imprese (vedi punto F.3 sopra); infatti il contratto o la somministrazione a tempo determinato di durata pari o superiore a 6 mesi stipulati dalle “ start-up innovative” potranno:

(a) durare fino a 36 mesi,

(b) essere stipulati anche con lavoratori con cui hai già intrattenuto rapporti di lavoro, purché si rimanga entro il limite dei 36 mesi (vedi punto F.1 sopra) e

5. Q. Posso fare dei contratti a termine più volte con lo stesso dipendente?

A. Sì, ma se non hai una “ start-up innovativa” devi aspettare un intervallo di tempo tra un contratto e l’altro (secondo quanto previsto dalla legge 368/2001 e dalla Riforma Fornero e quindi 60 o 90 giorni, dipende se il contratto iniziale dura più o meno di 6 mesi). Se invece hai una “ start-up innovativa”, puoi stipulare i contratti uno dopo l’altro senza dover rispettare questi intervalli, ovviamente rimanendo sempre entro i limiti di tempo generali di cui sopra (vedi punto F.4 sopra).

6. Q. I contratti a termine stipulati da “ start-up innovative” sono soggetti a limitazioni quantitative?

A. No. A differenza della ltre imprese, le “ start-up innovative” possono ricorrere alla stipulazione di contratti di lavoro a termine senza dover rispettare alcun limite quantitativo posto dalla contrattazione collettiva.

7. Q. Ho sentito che però ci sono norme specifiche in tema di retribuzioni dei dipendenti delle “start-up innovative”. Cosa si prevede esattamente?

A. Infatti. Una “ start-up innovativa” ha obblighi specifici per ciò che riguarda la retribuzione dei propri dipendenti. La retribuzione dei dipendenti delle “start-up innovative” dovrà necessariamente (e non solo in via facoltativa come per la generalità delle imprese) essere composta da una parte fissa (non inferiore al minimo tabellare previsto dai rispettivi contratti collettivi applicabili, vedi ultimo paragrafo di questo punto F.7 sotto) e da una parte variabile (per la quale non sono previsti minimi).

La parte variabile della retribuzione consiste “in trattamenti collegati all’efficienza o alla redditività dell’impresa, alla produttività del lavoratore o del gruppo di lavoro, o ad altri obiettivi o parametri di rendimento concordati tra le parti, incluse l’assegnazione di opzioni per l’acquisto di quote o azioni della società e la cessione gratuita delle medesime quote o azioni”.

I contratti collettivi stipulati dalle organizzazioni sindacali comparativamente più rappresentative sul piano nazionale potranno definire in via diretta o in via delegata anche ai livelli decentrati: criteri per la determinazione di minimi tabellari specifici, criteri per la definizione della parte variabile della retribuzione e, più in generale, specifiche disposizioni per la gestione del rapporto di lavoro in relazione alle esigenze delle “ start-up innovative”.

G. CROWDFUNDING E ACCESSO AL CREDITO

1. Q. Che cos’è un portale di crowdfunding ?

A. Crowdfunding significa letteralmente “finanziamento da parte del pubblico” e consiste nella raccolta di fondi presso il pubblico, al fine di sviluppare un’idea o un progetto, spesso di natura imprenditoriale. Il portale per crowdfunding è una piattaforma online che facilita l’incontro fra la richiesta di fondi da parte di chi intende sviluppare un progetto e l’offerta di denaro da parte degli utenti interessati a contribuire allo sviluppo del progetto stesso.

2. Q. Di quali portali di crowdfunding si occupa il Decreto?

A. Vi sono vari tipi di crowdfunding (come, ad esempio, il c. d. reward-based crowdfunding . in cui i sostenitori di un progetto possono contribuire in vario modo, ricevendo in cambio una “ricompensa” affidata alla fantasia del creatore del progetto, o il c. d. peer-to-peer lending . che promuove i prestiti fra privati). Il Decreto si occupa, nello specifico, solo dei portali dedicati alla raccolta di investimenti nel capitale delle “ start-up innovative” (c. d. equity-based crowdfunding ). Attraverso questi portali le “ start-up innovative” possono presentare i propri progetti e attrarre potenziali investitori, offrendo loro le proprie azioni o quote. Gli utenti del portale che intendono contribuire a un progetto diventano quindi soci della “ start-up innovativa” nella quale decidono di investire, partecipando così sia agli utili che alle perdite.

3. Q. Chi può gestire un portale di equity-based crowdfunding ?

A. Un portale di equity-based crowdfunding può essere gestito da banche, SIM e da soggetti iscritti in un apposito registro che sarà istituito dalla Consob. Questi soggetti, tuttavia, dovranno servirsi di una banca o di una SIM per eseguire gli ordini di acquisto delle partecipazioni nelle “ start-up innovative” promosse attraverso il portale.

4. Q. Quali requisiti sono necessari per l’iscrizione nel registro dei gestori di portali previsto dal Decreto?

A. Per l’iscrizione nel registro, sono previsti dei requisiti semplificati rispetto a quelli generalmente applicabili ai soggetti che svolgono servizi di investimento. Oltre alla forma di società per azioni, la condizione principale per l’iscrizione nel registro riguarda il rispetto dei requisiti di onorabilità, per coloro che detengono il controllo del gestore, a cui si affiancano requisiti di onorabilità e professionalità per i componenti degli organi sociali e per il top management del gestore. I requisiti di onorabilità e professionalità dovranno essere determinati dalla Consob; è presumibile che riguardino, rispettivamente: (i) assenza di condanne per reati in materia finanziaria e (ii) esperienza nel campo bancario e finanziario.

5. Q. Quali regole devono rispettare i gestori di portali nel rapporto con gli utenti/investitori?

A. Ai gestori di portali iscritti nel registro tenuto dalla Consob (quindi diversi da banche e SIM) non si applica l’apparato di norme e procedure relative al rapporto con gli investitori (essenzialmente derivanti dalla c. d. Direttiva MiFID) normalmente previsto per i soggetti che svolgono servizi di investimento. Il comportamento nei confronti degli investitori da parte dei gestori di portali sarà disciplinato da una normativa più snella che verrà definita dalla Consob.

La vigilanza sui gestori di portali sarà esercitata dalla Consob. La vigilanza comporta ad esempio l’obbligo di comunicare dati, notizie e documenti eventualmente richiesti dalla Consob e l’applicazione di sanzioni in caso di violazioni della disciplina applicabile.

6. Q. L’offerta di partecipazioni al capitale di una “ start-up innovativa” attraverso un portale per equity-based crowdfunding è soggetta a limitazioni?

A. Sì. La normativa prevede che tali offerte non possano avere un valore superiore a Euro 5 milioni.

Inoltre una quota delle partecipazioni offerte dalla “ start-up innovativa” dovrà essere sottoscritta da investitori professionali o specializzati (c. d. anchor investors ). Questo requisito intende tutelare gli investitori non professionali assicurando che qualcuno del mestiere abbia valutato positivamente la start-up e abbia rischiato investendo in prima persona nel capitale della start-up stessa.

7. Q. Il Decreto introduce anche agevolazioni per l’accesso al credito?

A. Sì, le “ start-up innovative” che necessitano di un finanziamento (quindi debito anziché equity ) per lo sviluppo della propria attività possono chiedere alla banca che eroga il finanziamento di acquisire, al posto delle garanzie normalmente richieste, la garanzia pubblica del Fondo centrale di garanzia per le piccole e medie imprese. Il Fondo, quindi, non eroga denaro ma garantisce una parte del finanziamento alla “ start-up innovativa”.

L’intervento del Fondo è gratuito e copre una quota variabile dell’importo finanziato, con un limite generale che, salvo alcune eccezioni, è di Euro 1,5 milioni. Per la quota del finanziamento coperta dal fondo, le “ start-up innovative” non dovranno quindi sopportare i costi di garanzie aggiuntive.

Esempio pratico: una “ start-up innovativa” richiede alla Banca X un finanziamento di Euro 100 mila. Per una parte di questa somma, diciamo ad esempio Euro 60 mila, la start-up ottiene la garanzia gratuita del Fondo. Ciò significa che la Banca X potrà chiedere alla “ start-up innovativa” una garanzia (ad esempio, un’ipoteca o garanzia personale dei soci) solo per Euro 40 mila non coperti dalla garanzia del Fondo.

1. Q. Se investo in una “ start-up innovativa” ho dei vantaggi fiscali?

A. Si, ma limitatamente al 2013, 2014 e 2015 e purché l’investimento sia mantenuto per un periodo di almeno 2 anni.

Per le persone fisiche è prevista una detrazione dalle imposte pari al 19% della somma investita in una “ start-up innovativa”. L’importo massimo dell’investimento su cui calcolare la detrazione è di Euro 500 mila per ciascun anno. La detrazione non fruita nel corso di un anno può essere fruita nei 3 anni successivi.

Quindi, ad esempio, se nel 2013 investo Euro 300 mila in una “ start-up innovativa” potrò detrarre dalle imposte per il 2013 il 19% di tale somma, vale a dire Euro 57 mila. Se invece il mio investimento è di Euro 1 milione, dalle imposte per il 2013 non potrò detrarre l’intero 19% di tale somma, vale a dire Euro 190 mila, ma solo il 19% di Euro 500 mila, ossia l’importo massimo dell’investimento agevolato, e quindi Euro 95 mila. Nel caso in cui non possa fruire dell’intera detrazione di Euro 95 mila nel 2013, perché le mie imposte per quell’anno sono inferiori a tale importo, potrò comunque utilizzare la detrazione non fruita nei 3 anni successivi.

Per le persone giuridiche è prevista invece una deduzione dal reddito imponibile pari al 20% della somma investita in una “ start-up innovativa”. L’importo massimo dell’investimento su cui calcolare la deduzione è di Euro 1,8 milioni per ciascun anno.

Quindi, ad esempio, se nel 2013 una società per azioni investe Euro 1 milione in una “ start-up innovativa” potrà dedurre dal proprio reddito imponibile per il 2013 il 20% di tale somma, vale a dire Euro 200 mila. Se invece l’investimento è di Euro 3 milioni, la società non potrà dedurre dal reddito imponibile per il 2013 l’intero 20% di tale somma, vale a dire Euro 600 mila, ma solo il 20% di Euro 1,8 milioni, ossia l’importo massimo dell’investimento agevolato, e quindi Euro 360 mila.

La percentuale detraibile o deducibile è aumentata (rispettivamente, al 25% e al 27%) per gli investimenti nelle “ start-up a vocazione sociale” e in quelle che sviluppano e commercializzano esclusivamente prodotti o servizi ad alto valore tecnologico in ambito energetico.

Le modalità di attuazione di queste agevolazioni dovevano essere individuate con un decreto del Ministro dell’economia e delle finanze, di concerto con il Ministro dello sviluppo economico, entro 60 giorni dalla data di entrata in vigore del Decreto, e quindi entro il 19 dicembre 2012. Alla data di questo Q&A, tuttavia, il decreto attuativo non è stato ancora emanato. Vi terremo aggiornati su questo aspetto su www. startuplex. com. Va detto peraltro che l’efficacia delle norme che prevedono tali agevolazioni fiscali è anche subordinata all’autorizzazione da parte della Commissione europea, che ne dovrà valutare la compatibilità con l’ordinamento comunitario.

2. Q. Ci sono altri vantaggi fiscali e contributivi?

A. Sì, il Decreto prevede ulteriori incentivi e agevolazioni.

- Costi di costituzione e funzionamento . Le “ start-up innovative” sono esentate dal pagamento dell’imposta di bollo e dei diritti di segreteria dovuti in relazione alle iscrizioni nel Registro delle Imprese e dal pagamento del diritto annuale dovuto alle Camere di Commercio (vedi punto D.1 sopra). Alle “ start-up innovative” non si applica la disciplina delle c. d. “società di comodo” e in “perdita sistematica” (vedi punto D.3 sopra).

- Credito di imposta . Le “ start-up innovative” beneficiano, con alcune semplificazioni, del credito d’imposta previsto per l’assunzione di personale “altamente qualificato” (personale in possesso di dottorato di ricerca e personale in possesso di laurea magistrale in discipline di ambito tecnico e scientifico impiegato in ricerca e sviluppo) di cui all’articolo 24 del D. L. 22 giugno 2012, n. 83 (convertito, con modificazioni, dalla legge 7 agosto 2012, n. 134). Tale credito d’imposta è pari al 35% del costo aziendale sostenuto dalle imprese, nei limiti di Euro 200.000 per anno, per le assunzioni a tempo indeterminato di nuovo personale altamente qualificato. La fruizione del credito d’imposta è soggetta a taluni limiti e condizioni, ivi incluso l’obbligo di mantenere i nuovi posti di lavoro per cui si sia fruito del credito d’imposta per almeno tre anni, alla presentazione di un’apposita istanza e alla concessione del credito di imposta da parte del Ministero dello sviluppo economico, nei previsti limiti di spesa.

In deroga alle disposizioni applicabili in via generale a tutte le imprese, le “ start-up innovative”: (i) potranno beneficiare del credito d’imposta in via prioritaria rispetto alle altre imprese; (ii) non saranno tenute a rispettare i previsti gli obblighi documentali e di certificazione; e (iii) potranno presentare la domanda per fruire del credito d’imposta in forma semplificata.

- Piani di incentivazione . I piani di incentivazione basati sull’attribuzione di strumenti finanziari, ad esempio azioni od opzioni (c. d. stock option ) cioè diritti di acquistare azioni, beneficiano di un’esenzione fiscale e contributiva piena. Gli strumenti finanziari assegnati nel contesto di un piano di incentivazione, infatti, non costituiscono reddito degli amministratori, dei dipendenti e dei collaboratori continuativi della “ start-up innovativa” beneficiari del piano e pertanto non sono soggetti a tassazione.

Per beneficiare di tale regime di favore, tuttavia, è necessario che gli strumenti finanziari non siano successivamente riacquistati dalla “ start-up innovativa” o da soggetti che fanno parte del suo gruppo societario e che sussista un rapporto di lavoro tra il beneficiario e la “ start-up innovativa” o una sua controllata diretta (vedi punti E.1 ed E.3 sopra).

- Remunerazione dei prestatori di opere e servizi . Anche gli strumenti finanziari emessi a fronte dell’apporto di opere e servizi resi in favore delle “ start-up innovative” da parte di professionisti esterni beneficiano di un’esenzione fiscale e contributiva piena poiché, al momento della loro emissione, non costituiscono reddito del professionista (vedi punto E.2 sopra).

3. Q. Cosa succede se gli strumenti finanziari assegnati nel contesto di un piano di incentivazione o emessi a fronte di opere o servizi sono successivamente ceduti a terzi?

A. La plusvalenza (cioè, la differenza tra il corrispettivo della cessione e il costo di acquisto) è tassata secondo le regole ordinarie: qualora il costo di acquisto di tali strumenti finanziari sia pari a zero, l’intero prezzo della successiva cessione rappresenterà una plusvalenza che sarà quindi tassata, per quanto riguarda le persone fisiche, (i) con un’imposta sostitutiva del 20% se si tratta di una partecipazione c. d. “non qualificata” (cioè non superiore al 20% dei diritti di voto o al 25% del patrimonio sociale) ovvero (ii) con applicazione della tassazione ordinaria, per il 49,72% del suo ammontare, se si tratta di una partecipazione qualificata (ossia una partecipazione eccedente le soglie su indicate).

4. Q. Mi fate un esempio?

A. Certo. Ipotizziamo che nel 2013 io riceva gratuitamente un numero di azioni della “ start-up innovativa” di cui sono amministratore pari al 1% dei diritti di voto o del patrimonio della società, quale remunerazione per l’attività da me svolta. Nel 2013 beneficerò di un’esenzione fiscale e contributiva piena e non dovrò quindi pagare alcuna imposta relativamente a tale assegnazione di azioni. Tuttavia, se nel 2018 vendo le azioni che avevo ricevuto gratuitamente al prezzo di Euro 100 mila, realizzerò una plusvalenza di pari importo sulla quale dovrò pagare, trattandosi di cessione di una partecipazione “non qualificata”, un’imposta sostitutiva del 20%, pari quindi ad Euro 20 mila.

Ipotizzando invece che nel 2013 io riceva una partecipazione pari al 30% dei diritti di voto o del patrimonio della “ start-up innovativa” e, quindi, una partecipazione “qualificata”. Nel 2013 beneficerò comunque di un’esenzione fiscale e contributiva piena e non dovrò pagare alcuna imposta relativamente all’assegnazione di tale partecipazione. Se nel 2018 vendo tale partecipazione per Euro 100 mila, trattandosi di una plusvalenza derivante dalla cessione di una partecipazione “qualificata”, sarà soggetta ad imposta ordinaria per un importo pari al 49,72% della stessa. In altri termini, ai fini del calcolo delle imposte per il 2018, dovrò sommare l’importo pari al 49,72% della plusvalenza, vale a dire nel nostro esempio Euro 49.720, al resto del mio reddito imponibile, che sarà poi tassato complessivamente secondo le aliquote IRPEF a me applicabili nel 2018.

I. CRISI E LIQUIDAZIONE

1. Q. Una “ startup innovativa” può fallire?

A. No, le “ start-up innovative” non possono fallire, nel senso che non sono tecnicamente assoggettabili alla procedura denominata “fallimento”. La crisi o insolvenza della “ start-up innovativa” è chiamata invece “sovraindebitamento” ed è assoggettata a procedure diverse dal fallimento.

2. Q. Cosa vuol dire che una “ start-up innovativa” è “sovraindebitata”?

A. Vuol dire che la “ start-up innovativa” non è in grado di adempiere regolarmente alle proprie obbligazioni oppure si trova in una “perdurante crisi di liquidità”.

3. Q. Come si risolve la crisi da “sovraindebitamento”?

A. Ci sono due modi alternativi per risolvere una situazione di sovraindebitamento. La “ start-up innovativa” può proporre un accordo ai propri creditori per regolare in che misura ed in che modo questi saranno pagati (generalmente in tempi e ammontari diversi da quelli originariamente pattuiti). In alternativa si può liquidare tutto il patrimonio della “ start-up innovativa” e utilizzare il ricavato per soddisfare i creditori.

4. Q. Come scelgo quale soluzione adottare?

A. La scelta tra accordo con i creditori e liquidazione del patrimonio dipende da molti fattori. Ad esempio, solo l’accordo con i creditori consente la prosecuzione dell’attività della “ start-up innovativa”, mentre la liquidazione comporta la cessione dei beni e la cessazione di ogni attività. La conclusione di un accordo con i creditori richiede il consenso di creditori titolari di almeno il 60% del credito nei confronti della “ start-up innovativa”; raggiungere tale soglia minima di consensi potrà essere fattibile o meno a seconda delle circostanze. In ogni caso, è opportuno che la decisione sia presa anche alla luce delle indicazioni offerte dall’organismo di composizione della crisi che assiste la “ start-up innovativa” nella gestione della crisi stessa.

5. Q. Cosa sono gli organismi di composizione della crisi e che ruolo hanno?

A. Gli organismi di composizione della crisi sono organismi costituiti da enti pubblici o soggetti privati cui è affidato un duplice compito: assistere la “ start-up innovativa” nella definizione della soluzione della crisi (elaborando i termini dell’accordo, eseguendo le formalità richieste, comunicando con i creditori) e “controllare” l’operato della “ start-up innovativa” nel corso della procedura (attestando la fattibilità dell’accordo proposto, la veridicità dei dati indicati nella proposta, il raggiungimento dell’accordo).

6. Q. Che cos’è esattamente un “accordo con i creditori” in questo contesto?

A. E’ un accordo avente ad oggetto la soddisfazione dei crediti vantati dai creditori nei confronti della “ start-up innovativa”, secondo i tempi, i modi e la misura indicati nell’accordo. Affinché l’accordo sia raggiunto, è sufficiente che la proposta della “ start-up innovativa” sia accettata da tanti creditori che rappresentino il 60% del valore dei crediti nei confronti della “ start-up innovativa” (dunque, se la “ start-up innovativa” ha due creditori, perché l’accordo sia raggiunto è sufficiente che un solo creditore abbia accettato, purché questo possieda almeno il 60% dei crediti). L’accordo così raggiunto, una volta omologato dal tribunale, è vincolante per tutti i creditori, anche quelli contrari o astenuti.

Nonostante ciò, i creditori c. d. “privilegiati” (cioè quelli garantiti da pegno, ipoteca o privilegio, ad es. il fisco o i dipendenti) devono in ogni caso essere soddisfatti integralmente per legge e non sono permessi accordi con i creditori che prevedano altrimenti. Unica eccezione è la situazione in cui la garanzia dei creditori privilegiati sia “incapiente” (cioè, il valore di mercato del bene oggetto della garanzia sia inferiore al valore del credito garantito; ad esempio: un creditore ha un credito di Euro 1 milione nei confronti della “ start-up innovativa” garantito da ipoteca, ma l’immobile oggetto di ipoteca vale Euro 700 mila; in questo caso la garanzia si dice appunto “incapiente”). In caso di garanzia incapiente, il creditore privilegiato può essere soddisfatto parzialmente anziché integralmente, ma non può essere soddisfatto comunque per un ammontare inferiore al valore della garanzia.

7. Q. Tutti i creditori hanno diritto di esprimersi sulla proposta di accordo?

A. No, alcune categorie non ne hanno diritto. Tra esse i creditori “privilegiati” (cioè garantiti da pegno, ipoteca o privilegio), che devono essere soddisfatti integralmente per legge (salvo il caso in cui la loro garanzia sia “incapiente”, vedi punto I.6 sopra). Poiché tali creditori per legge non possono essere pregiudicati dall’accordo, non ha senso che si esprimano sulla proposta di accordo.

8. Q. Una volta firmato dalla “ start-up innovativa” e dai suoi creditori l’accordo è efficace?

A. No, occorre che l’accordo sia prima “omologato”. L’omologazione è il provvedimento con cui il tribunale verifica che siano state rispettate le norme applicabili. Una volta omologato, l’accordo diventa efficace e, di conseguenza, il debito della “ start-up innovativa” verso i propri creditori risulta regolato dai termini dell’accordo stesso, sia per quanto riguarda la misura del debito, sia per quanto riguarda i tempi e i modi di soddisfazione dei creditori. Come menzionato, l’accordo vincola anche i creditori contrari o astenuti.

9. Q. In cosa consiste invece la “liquidazione del patrimonio” della “ start-up innovativa”?

A. La liquidazione del patrimonio consiste nella vendita di tutti i beni della “ start-up innovativa” da parte di un liquidatore. Il liquidatore (che è soggetto terzo rispetto alla “ start-up innovativa”) è nominato dal tribunale su richiesta dell’organo amministrativo della “ start-up innovativa”. Durante tale fase, il liquidatore amministra il patrimonio della “ start-up innovativa”. Con il ricavato della liquidazione, il liquidatore soddisfa i creditori che hanno fatto domanda di partecipazione alla distribuzione di tale ricavato (mentre i creditori che non presentano tale domanda non sono soddisfatti). Al termine della liquidazione, cessa ogni attività e la “ start-up innovativa” viene cancellata dal Registro delle Imprese.

10. Q. Se la mia “ start-up innovativa” viene liquidata i miei dati saranno per sempre accessibili a tutti?

A. No. Dopo un anno dal provvedimento del tribunale che dispone la liquidazione del patrimonio della “ start-up innovativa”, i dati relativi ai soci (anche nel caso in cui siano stati amministratori) sono cancellati dai pubblici registri e dalle banche dati che raccolgono tali informazioni.

11. Q. Ma alla fine della fiera, è meglio il “fallimento” o il “sovraindebitamento”?

A. Le procedure previste per le “ start-up innovative” sulla carta sono più snelle e flessibili e pertanto dovrebbero assicurare tempi più rapidi per la chiusura della crisi. In buona parte, il successo di tali procedure rispetto a quelle tradizionali dipenderà dal funzionamento degli organismi di composizione della crisi e, in particolare, dalla loro capacità di assistere efficacemente la start-up innovativa senza trascurare il loro compito di “controllo” sulla start-up e sulla procedura da sovraindebitamento.

Segnalo però una novità che riguarda il punto A.5: il MISE ha stabilito che le società già costituite alla data dell’approvazione della Legge 221/2012, potranno iscriversi alla “Sezione speciale” dedicata alle Startup del Registro delle imprese anche dopo il 17 febbraio 2013, in quanto la scadenza indicata in norma primaria è da interpretare come non perentoria. Link: http://alturl. com/yug7v

ottima osservazione! Segnalo infatti che Unioncamere ha posto al Ministero dello Sviluppo Economico un quesito circa l'interpretazione della norma che pone il limite di 60 giorni dall'entrata in vigore della legge di conversione del Decreto Sviluppo 2.0 per l'iscrizione alla sezione speciale del Registro delle Imprese per le società già costituite alla data di entrata in vigore della legge di conversione stessa. In particolare, è stato chiesto al Ministero dello Sviluppo Economico se le società già costituite alla data di entrata in vigore della legge di conversione possano depositare la dichiarazione per l'iscrizione alla sezione speciale del Registro delle Imprese anche dopo il 17 febbraio 2013.

Il Ministero dello Sviluppo Economico in data 12 febbraio 2013 ha pubblicato un comunicato stampa (disponibile all'indirizzo http://www. sviluppoeconomico. gov. it/index. php? option=com_content&view=article&idmenu=1999&idarea1=0&andor=AND&idarea2=0&sectionid=0&andorcat=AND&idarea3=0&cattitle1=Comunicati%20Stampa&partebassaType=1&showMenu=1&showCat=1&idarea4=0&idareaCalendario1=0&MvediT=1&showArchiveNewsBotton=0&id=2026703&viewType=0) in cui afferma che la dichiarazione di attestazione del possesso dei requisiti previsti sia ricevibile dalle Camere di Commercio anche in data successiva al 17 febbraio 2013.

Ciao a tutti, la legge prevede l'esenzione del pagamento dei diritti camerali. Ma, visto l'intento di agevolare le startup, non mi è chiaro se l'esenzione sia valida anche per i libri sociali (che si pagano annualmente e la cui scadenza è. LUNEDI 18 MARZO. ). Grazie a chiunque sappia rispondermi!

Egregi, mi complimento innanzitutto per il vostro blog. Vi sottopongo il seguente quesito. La richiesta di iscrizione al Registro Startup presentata dalla mia società è stata recentemente respinta dalla Camera di Commercio competente per mancato rispetto del requisito a): "i soci, persone fisiche, detengono al momento della costituzione e per i successivi 24 mesi, la maggioranza delle quote o azioni rappresentative del capitale sociale e dei diritti di voto nell'assemblea ordinaria dei soci". La risposta era attesa, perché la Camera di Commercio ci aveva già comunicato che non sarebbe andata contro una lettura formale della legge. La mia società, fondata da 4 persone fisiche nel 2011, ha visto un conferimento iniziale, in termini di avviamento, di una società preesistente, per un valore momentaneamente eccedente la metà del capitale sociale conferito e divenuto 3 mesi dopo minoritario, in seguito ad aumento di capitale funzionale all'ingresso di nuovi soci persone fisiche. Al momento della costituzione, il requisito previsto non era, quindi, valido, ma appena 3 mesi dopo e attualmente sì. Mi sembra, invece, che la legge debba essere 'interpretata', ossia che le regole sono state definite per le nuove imprese e che queste regole devono essere riportate alle imprese già esistenti, ma tenendo conto dello spirito della legge e adattandola a quello che è il ciclo di vita di un'impresa. Poichè la legge ammette le imprese costituite anche da 40 mesi, se si legge in modo acritico il requisito, si arriva, infatti, al paradosso che un'impresa costituita da persone fisiche 40 mesi fa e successivamente acquisita da una società di capitali può rientrare nei requisiti della legge, anche se ora non presenta più alcun socio persona fisica. Chiedo quindi se è possibile fare un ricorso di natura amministrativa affinché si possa avere una lettura più sostanziale della legge. Ringraziandovi dell'attenzione, porgo cordiali saluti Marcello Antonioni

Io ho appena fondato una startup innovativa. Sono socio di maggioranza assoluta con una partecipazione minoritaria di una società di capitali (SPA). Ho il dubbio di quale sia la forma più idonea per inquadrare la mia posizione di socio lavoratore (nonché Amministratore all'interno di un CDA). Inquadrandomi come consulente della società l'INPS mi contesta il fatto che dovrei fare anche l'iscrizione come Artigiano e Commerciante con doppia contribuzione e pagamento dei tributi INPS anche su oneri non distribuiti (. ). Potrei forse inquadrarmi come dipendente ma ho inteso che rischio una contestazione in quanto non propriamente definibile come subordinato.

Nessuno sa dirmi quale sia una scelta ragionevole di inquadramento non contestabile. Nemmeno un ispettore dell'INPS al quale mi sono preventivamente rivolto.

Ma in che paese viviamo?!

Wipro mulls reward and recognition for staff, including stock options

(Rishad Premji, chief strategy…)

MUMBAI: Wipro is contemplating various reward and recognition options for employees, including a time based stock option. Speaking at a a panel discussion at the Nasscom India Leadership Forum on 'Surviving Success', Rishad Premji. chief strategy officer, Wipro, said, "We are experimenting with rewards in the short term and also with time based long term stock options." While at its core Wipro remains a services company, he said they were executing various strategies to identify the future growth areas for the company.

"At our core we are a services company. But who we sell to, what we sell and how we sell is changing," he said. Wipro, like many other companies is working on parallel tracks, trying to balance its existing business and processes while changing in order to not get disrupted.

The company's recent acquisition of a global strategic design firm was a step in that direction. "Acquisitions are not the only way to make this change, but this is one part of executing that," said Premji.

Earlier on in the discussion, Infosys board member Ravi Venkatesan said that the way business was changing world over. "Every company is either a disruptor or a disruptee, and it's better to be the disruptor," he said.

Do Option Sellers Have a Trading Edge?

While there are certainly many viable options-buying strategies available to traders, options expiration data obtained from the CME covering a three-year period suggests that buyers are fighting against the odds. Based on data obtained from the CME, I analyzed five major CME option markets - the S&P 500, eurodollars, Japanese yen, live cattle and Nasdaq 100 - and discovered that three out of every four options expired worthless. In fact, of put options alone, 82.6% expired worthless for these five markets.

Three key patterns emerge from this study: (1) on average, three out of every four options held to expiration end up worthless; (2) the share of puts and calls that expired worthless is influenced by the primary trend of the underlying ; and (3) option sellers still come out ahead even when the seller is going against the trend.

CME Data Based on a CME study of expiring and exercised options covering a period of three years (1997, 1998 and 1999), an average of 76.5% of all options held to expiration at the Chicago Mercantile Exchange expired worthless (out of the money ). This average remained consistent for the three-year period: 76.3%, 75.8% and 77.5% respectively, as shown in Figure 1. From this general level, therefore, we can conclude that for every option exercised in the money at expiration, there were three options contracts that expired out of the money and thus worthless, meaning option sellers had better odds than option buyers for positions held until expiration.

Figure 1 - Percentage CME Exercised & Expired Worthless Options Source: CME Exercised/Expired Recap For Expired Contract Report

We present the data as options exercised versus those expiring worthless. Figure 2 contains the actual numbers, showing that there were 20,003,138 expired (worthless) options and 6,131,438 exercised (in the money) options. Futures options that are in the money at expiration are automatically exercised. Therefore, we can derive the total of expired worthless options by subtracting those exercised from total options held to expiration. When we take a closer look at the data, we will be able to spot certain patterns, such as how a trend bias in the underlying affects the share of call options versus put options expiring worthless. Clearly, however, the overall pattern is that most options expired worthless.

Figure 2 - Total CME Exercise & Expired Worthless Call and Put Options Source: CME Exercised/Expired Recap For Expired Contract Report

The three-year averages of exercised options (in the money) versus options expiring worthless (out of the money) for the markets examined below confirm what the overall findings indicate: a bias in favor of option sellers. In Figure 3, the totals for exercised (in the money) and worthless-expired options for the S&P 500, NASDAQ 100, eurodollar, Japanese yen and live cattle are presented. For both puts and calls traded in each of these markets, options expiring worthless outnumbered those expiring in the money.

For example, if we take S&P 500 stock index futures options, a total of 2,739,573 put options expired worthless compared with just 177,741 that expired in the money.

Figure 3 - Total Exercised/Expired Options Contracts Source: CME Exercised/Expired Recap For Expired Contract Report

As for call options, a primary bull market trend helped buyers, who saw 843,414 call options expire worthless compared with 587,729 expiring in the money - clearly a much better performance by option buyers than put buyers. Eurodollars, meanwhile, had 4,178,247 put options expiring worthless, while 1,041,841 expired in the money. Eurodollar call buyers, however, did not do much better. A total of 4,301,125 call options expired worthless while just 1,378,928 ended up in the money, despite a favorable (i. e. bullish) trend. As the rest of the data in this study shows, even when trading with the primary trend, most buyers still ended up losing on positions held until expiration.

Figure 4 - Percentage Exercised/Expired Options Contracts Source: CME Exercised/Expired Recap For Expired Contract Report

Figure 4 presents the data in terms of percentages, which makes it a little easier to make comparisons. For the group as a whole, put options expiring worthless for the entire group had the highest percentage, with 82.6% expiring out of the money. The percentage of call options expiring worthless, meanwhile, came to 74.9%. The put options percentage expiring worthless came in above the average of the entire study cited earlier (of all the CME futures options, 76.5% expired worthless) because the stock index options on futures (Nasdaq 100 and S&P 500) had very large numbers of put options expiring worthless, 95.2 % and 93.9% respectively.

This bias in favor of put sellers can be attributed to the strong bullish bias of the stock indexes during this period, despite some sharp but short-lived market declines. Data for 2001-2003, however, may show a shift toward more calls expiring worthless, reflecting the change to a primary bear market trend since early 2000.

Conclusion Data presented in this study comes from a three-year report conducted by the CME of all options on futures traded on the exchange. While not the entire story, the data suggests overall that option sellers have an advantage in the form of a bias towards options expiring out of the money (worthless). We show that if the option seller is trading with the trend of the underlying, this advantage increases substantially. Yet if the seller is wrong about the trend, this does not dramatically change the probability of success. On the whole, the buyer, therefore, appears to face a decided disadvantage relative to the seller.

Even though we suggest that the data understates the case for selling because it does not tell us how many of the options that expired in the money were winning rather than losing trades, the data should say enough to encourage you to think of developing selling strategies as your primary approach to trading options. Having said that, however, we should emphasize that selling strategies can involve substantial risk (buyers, by definition, face limited losses), so it is important to practice strict money management and to trade only with risk capital when deploying selling strategies.

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The competitive advantage that one company has over other companies in the same industry. This term was coined by renowned.

A tax credit in the United States which benefits certain taxpayers who have low incomes from work in a particular tax year.

A tax calculation that adds certain tax preference items back into adjusted gross income. Alternative minimum tax (AMT) uses.

The expiration date of various stock index futures, stock index options, stock options and single stock futures. All stock.

The rate of return on a real estate investment property based on the income that the property is expected to generate.

A debt ratio and profitability ratio used to determine how easily a company can pay interest on outstanding debt.

Expiration Time

BREAKING DOWN 'Expiration Time'

Since many public holders of options deal through brokers, they face different expiration times. The last day to trade an option is the third Friday of the expiration month, but the actual expiration time is not until the next day (Saturday). A public holder of an option usually must declare their notice to exercise by 5:00 p. m. on the Friday. This will allow the broker to notify the exchange by the actual expiration time on the expiration date. Furthermore it depends on the exchange, for example the Chicago Board of Trade limits trading on expiring options to 3:00 p. m. Eastern on the last trading day.

A must be filled (MBF) order is a trade that must be executed.

1. An individual or firm that charges a fee or commission for.

The day on which a swap contract becomes invalid and no further.

To put into effect the right specified in a contract. In options.

A type of futures contract that expires in any month past the.

The last day that an options or futures contract is valid. Cuando.

Learn about a strategy that may be appropriate if you have a positive outlook on a stock.

Discover the world of options, from primary concepts to how options work and why you might use them.

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Understanding expiration cycles is just one more way to help you increase your success rate when trading options.

The option-adjusted spread, or OAS, measures a fixed-income security rate’s spread and the risk-free rate of return that’s adjusted to account for an embedded option.

We shed light on why consumers decide to use this form of debt and whether it is a good alternative.

What binary options are, how they work and where you can legally trade them in the U. S.

Interest rates can have both positive and negative effects on U. S. stocks, bonds and inflation.

When you’re ready to move beyond the basics of investing, it’s time to learn your options.

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Business Valuations Blog

Issuance of Stock Options: How Issuing Stock Options is Like Selling Your Home (And How a Certified Valuation Analyst is Like Your Realtor) – Part 1

When selling your home, it is common to use an agent to list, promote and show the property. In exchange, you pay a portion of the sales price as a commission to the agent. The benefits of using an agent include: 1) the listing of your home in a database so that homebuyers can access information about it; 2) the agent acting as your middleman during the negotiation process; and 3) the incentive it gives the agent to sell your home quickly (so that her or she can earn their commission).

Some people choose to sell their home by owner and forego using an agent. These are typically the homes that have “For Sale” signs in their yards for many months, sometimes even years (you know the ones), before they are actually sold. These people often believe that the benefit of not having to pay an agent commission on the sale of their home is worth the prolonged period it will likely take to sell the property.

What does the choice of hiring a real estate agent or selling your home by owner have in common with private companies issuing stock options? The strange answer is: Much more than many of us realize.

The Stock Option Landscape

More and more private companies are issuing stock options as part of their key employees’ compensation plans. This may be driven by the ideas that: 1) stock options don’t “cost” anything to the company; 2) stock options will positively influence employees’ actuación; or 3) since public companies issue stock options, it must be a good idea and private companies should follow suit. Regardless of the motivation, what most private company owners and executives do not realize is that accounting for stock options, for both tax and financial reporting purposes, may actually have an out-of pocket cost that is greater than the value of the options themselves.

In order to value stock options issued by private companies, there are two major steps that must be undertaken:

1. Determining the value of the company’s equity (which is a key input to valuing a stock option)

2. Determining the value of the stock option

There are not many privately-held companies with the in-house resources or expertise necessary to perform either of the requirements above, both of which are essential in accounting for the issuance of stock options. This often puts accountants in the awkward position of trying to explain to business owners the “unseen” costs and accounting ramifications associated with issuing stock options.

Back to our analogy, hiring a valuation expert to determine the value of stock options is much like hiring a real estate agent to sell your home. A valuation expert is able to perform both of the tasks identified above that are necessary to value the stock options issued by a private company, much like a real estate agent takes care of the necessary steps to sell your home. This work is not free, however, and depending on the complexity of the company and the options issued, the cost to value a private company’s stock options can range in cost from thousands to tens of thousands of dollars. When private companies issue stock options, they often do not consider the “commission” that they will have to pay to a valuation expert to ensure that the options are properly valued. Unlike real estate agent commissions, however, which are based on the sale price of the home, valuation fees are relatively fixed.

Just like selling a home “by owner,” some companies will issue stock options and try to determine the value themselves (or even worse, not value them at all). By not using a real estate agent, homeowners often find themselves making no headway in the sale of their home. Similarly, by not hiring a valuation expert to value the stock options that they have issued, private companies create the risk that their auditors will not sign off on their financial statements. Maybe even more importantly for business owners and employees, unsubstantiated option values leave both companies and their employees in danger of stiff tax consequences.

The information in this article is not meant to represent legal or tax advice. Please consult with a Skoda Minotti business valuation professional or your tax/legal advisor regarding the applicability of these issues to your particular situation.

Visit us tomorrow for Part 2: The Accounting and Tax Ramification of Issuing Stock Options

In the meantime, visit our web site for more information on our financial reporting services. Skoda Minotti is a CPA, business and financial advisory firm with offices in Cleveland and Akron.

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chi salverà(?) Alitalia

La cordata preannunciata da Berlusconi in campagna elettorale dopo tanti mesi è finalmente realtà

meglio però sarebbe dire “ancora” visto il rifiuto dei dipendenti di dover salvare la compagnia con sacrifici che solo loro sarebbero chiamati a compiere, senza che si vadano a punire le colpe di tutti i precedenti amministratori di Alitalia, di sicuro colpevoli, almeno nella parte di loro competenza, di questo fallimento nazionale.

Ma chi sono questi “capitani coraggiosi” che hanno dato vita a CAI, l’unica(??) società in grado di salvare Alitalia dal fallimento?

Roberto Colaninno Da manager diventa imprenditore senza capitali . Conquista Telecom facendo debiti. Insieme a Gnutti e Consorte non hanno soldi necessari, ma agganci politici . le banche concedono mega prestiti milionari e con un sistema di scatole cinesi conquistano il 51% di Telecom. Hopa (controllata al 51% da Colaninno e Gnutti, con dentro Monte dei Paschi di Siena, Unipol e Fininvest, nel miglior spirito bipartisan) possiede il 56,6% di Bell (oscura società con sede nel paradiso fiscale del Lussemburgo). Bell controlla il 13,9% di Olivetti, che possiede il 70% di Tecnost, che controlla il 52% di Telecom. Praticamente Colaninno e soci controllano Telecom detendone solo il 1,5%. C’è il dubbio che il controllo di Bell su Olivetti sia avvenuto per effetto di notizie riservate di Colaninno (reato di incidere trading, che tuttavia la Consob non ha accertato ). Il Financial Times parla di “rapina in pieno giorno” . Telecom viene gestita così bene che dopo due anni affoga nei debiti, ma Colaninno riesce a venderla a Tronchetti Provera (Pirelli) e a Benetton, con una plusvalenza di 1,5 miliardi di Euro (praticamente esentasse). Naturalmente i veri sconfitti sono i piccoli azionisti della società. Nel 2005 la Consob lo condanna al pagamento di una sanzione per conflitto d’interessi .

Marco Tronchetti Provera Subentra a Colaninno e lascia nel 2006 dopo aver causato danni disastrosi alla società (il titolo crolla) ed ai piccoli azionisti. Certo anche lui come azionista ci rimette (circa 100 milioni di euro), ma ne incassa 295, tra stipendi e stock options .

Carlo Toto Parte dall’azienda di famiglia, la Toto costruzioni, che sotto la sua guida di Carlo negli anni ’60 non perde una commessa da amministrazioni pubbliche (come le Ferrovie) ed enti locali abruzzesi. Carlo Toto è di casa all’ Anas e piano piano passa dai semplici rifacimenti stradali alla costruzione di ponti, gallerie e corsie. Tutto fila liscio fino al 1981, quando lo arrestano con un funzionario Anas in una delle poche indagini pre-mani pulite. L’accusa per falso riguarda l’appalto del ponte sul fiume Comano (crollato nel giugno del 1980) . Nel 1988 arriva la condanna in appello con i benefici di legge. Patteggia 11 mesi di condanna per le mazzette pagate per l’appalto di un mega-parcheggio. Nel giugno ‘94 comprò il suo primo Boeing a un fallimento per quattro milioni di dollari. Anche grazie a quel Boeing, che poi fu rimesso a nuovo dalle officine Lufthansa, Toto finì per firmare un preziosissimo accordo di partnership – era il 2000 – con la compagnia tedesca. Al matrimonio con Lufthansa Toto portava una dote ricca: Air One aveva occupato sistematicamente tutte le rotte nazionali «trascurate» da Alitalia. Quando tuttavia Toto si propone come acquirente di Alitalia, le banche che avrebbero dovuto sborsare 2 miliardi di euro, manifestano scarsa fiducia nell’operazione. Vanta una grande amicizia con il segretario generale della Cisl Bonanni, uno di quelli che ha detto “no” all’accordo con Air France .

Francesco Bellavista Caltagirone Lo troviamo socio di Hopa . sembra con i finanziamenti erogati dalla ex Popolare Lodi alla società off shore Maryland, utilizzata in passato anche per comprare Rcs e titoli della stessa Popolare Lodi. Risulta indagato nell’ inchiesta sull’ aggiotaggio Antonveneta . Insieme a Sergio Billè (già Presidente di Confcommercio) risulta coinvolto nelle vicende che riguardano il “furbetto del quartierino” Stefano Ricucci.

Gilberto Benetton Partecipa con Tronchetti Provera all’operazione Telecom, acquistata da Colaninno. Nel 1999 acquista l’altra grande azienda pubblica privatizzata, cioè la società Autostrade . Anche in questo caso l’operazione avviene attraverso il debito, che poi dovrebbe essere pagato dalla nuova “gallina dalle uova d’oro” (Autostrade appunto). Nel 2005 la società insieme ad Argofin di Marcellino Gavio entra in Impregilo . alla vigilia della gara per il Ponte di Messina .

Marco Fossati La Star è l’azienda storica della famiglia. La finanziaria Findim entra nel giro Telecom, quando Tronchetti Provera lascia. Si dichiara convinto che la società nei prossimi due anni migliorerà fortemente. Si fa portatore di un piano alternativo per il rilancio Telecom, che prevede l’ingresso nella società di Mediaset . Per convincere Silvio Berlusconi, Fossati ha addirittura portato Alierta (della spagnola Telefonica socia di telecom) ad Arcore appoggiandosi al lavoro diplomatico di Alejandro Agag, genero dell´ex premier spagnolo Aznar ed ex segretario del Ppe, e di Flavio Briatore, entrambi amici del Cavaliere. Gli stessi uomini che tre anni fa fiancheggiavano la scalata di Stefano Ricucci al Corriere della Sera. Ma intanto il titolo scende.

Marcellino Gavio I suoi successi “autostradali” prendono le mosse dai rapporti politici, in particolare con il Partito Socialdemocratico di Romita e Nicolazzi. All’epoca del Ministro Prandini (pluricondannato) ottiene mille miliardi di appalti pubblici . Nel 1992 il suo amministratore delegato Bruno Binasco è stato imputato in processi per corruzione (è stato infine condannato insieme a Primo Greganti per finanziamento illecito ai partiti, nell’ambito dei processi di Mani Pulite ). Su di lui nel 1992 fu spiccato un mandato di cattura, per presunte tangenti a Gianstefano Frigerio, segretario regionale DC, riguardo l’appalto per l’allargamento della Milano-Genova. Gavio si rifugiò all’estero, a Montecarlo, fino al settembre ’93, fino a quando decise di presentarsi ai giudici di Milano, dove si salvò grazie alle solite prescrizioni. Interessanti le intercettazioni con il Ministro Lunardi ed Emilio Fede . dimostrano il suo metodo di lavoro. Risulta indagato, insieme a Ugo Martinat, nelle vicende della Torino-Lione. Attraverso Argofin controlla un terzo di Impregilo, in cui entra poco prima dell’appalto per il Ponte di Messina.

Salvatore Ligresti Chiacchierato per i suoi presunti rapporti con la mafia . è finito in carcere per l’inchiesta Mani Pulite e condannato a 2 anni e 4 mesi di reclusione. Speculatore su aree edificabili, di lui si sa che passava le mazzette direttamente a Craxi propria manu e che è stato più volte salvato dalle grandi banche, prone la potere politico. Il suo ex rivale in affari Berlusconi lo nomina nel luglio 2004 amministratore delegato della Rcs Media Group . che controlla il Corriere della Sera, guarda caso. Insieme a Gavio e Benetton è socio di Impregilo, coinvolta nella vicenda dell’appalto per il Ponte di Messina.

Salvatore Mancuso Nel 2007 la sua nomina alla Presidenza del Banco di Sicilia . con il consenso di Totò Cuffaro e le congratulazioni di Francesco Musetto, viene salutata come un evento. Ma di li a poco dovrà dimettersi. Ma il suo fondo Equinox . con sede in Lussemburgo, è presente in molte operazioni discutibili. Così Mittel, finanziaria guidata da Giovanni Bazoli (presidente del consiglio di sorveglianza di Intesa Sanpaolo), e il fondo Equinox di Salvatore Mancuso hanno sottoscritto un accordo con Banca Mps e Banco Popolare, creditrici di Fingruppo, per liquidare in bonis Hopa, la società della galassia del finanziere bresciano Emilio Gnutti – finito in disgrazia in seguito alla calda estate dei furbetti del quartierino, anno 2005, quando fu coinvolto nella vicenda giudiziaria delle scalate bancarie e delle intercettazioni telefoniche – e degli imprenditori a lui vicini. Qualche giorno prima di partecipare alla cordata Alitalia acquista il 65% di Air Four . compagnia aerea executive con sede a Milano.

Claudio Sposito E’ uno degli uomini chiave del salvataggio di Fininvest dal fallimento all’inizio deglia anni ’90.All’epoca operava come plenipotenziario italiano per conto della banca d’affari Morgan & Stanley ed il rapporto con Berlusconi divenne così solido che nel 1998 diventerà amministratore delegato di Fininvest. Nel 2003 ritroviamo Sposito ed il suo fondo Clessidra ad operare con Gnutti, Presidente di Hopa, con l’intervento di Mediobanca . Sposito controlla oggi ADR, che gestisce gli aeroporti di Roma.

Emilio Riva E’ il re italiano dell’acciaio. Non è sconosciuto alla giustizia, che lo ha condannato per il reato di inquinamento della Ilva Siderurgica prima a Genova e ora a Taranto. Inoltre nel 2006 veniva riconosciuto colpevole di frode processuale e tentata violenza privata nei confronti di numerosi dipendenti di Taranto . Pene mai scontate grazie ai vari indulti e sconti. Il suo metodo di lavoro è la privatizzazione dei guadagni e la socializzazione delle perdite: In una lettera al Governo del 14 dicembre Emilio Riva avverte che l’eventuale riduzione delle emissioni di anidride carbonica comporterebbe “la necessità di fermare parte significativa degli impianti in uso. Il personale – afferma – colpito da tali riduzioni non potrebbe essere inferiore, anche nell’ipotesi più conservativa, alle quattromila unità”.

Molti degli imprenditori coinvolti risultano legati dal “filo rosso” della vicenda Telecom . che dunque merita nuovi e ulteriori approfondimenti. Molti degli imprenditori sono stati condannati . in più di un caso per vicende di tangenti e corruzione. Quasi sempre hanno fatto i loro affari a debito, cioè grazie a prestiti delle banche. In particolare di una e così sono debitori di Banca Intesa . Sarebbe interessante conoscere l’entità del prestito. Non è che in realtà Banca intesa stia soltanto cercando di recuperare i suoi crediti? Molti di loro sono Cavalieri del Lavoro. Nel sito ufficiale si legge che “Gli imprenditori insigniti di questa onorificenza, dalla sua istituzione ai nostri giorni, rappresentano l’élite imprenditoriale del paese e che “L’Ordine al “Merito del Lavoro” premia l’insignito non solo per una specifica attività intrapresa, ma lo vincola ad un impegno etico e sociale volto al miglioramento delle condizioni di vita e di lavoro del paese”. Complimenti!

C’è qualcuno che si aspetta che imprenditori siano mossi dall’intento di rendere un servizio alla collettività?

C’è qualcuno che non pensa che, comunque vadano le cose, alla fine usciranno dalla vicenda con la loro brava e ingente plusvalenza?

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Advanced Startup Options - Boot to in Windows 10

How to Boot to Advanced Startup Options in Windows 10

Advanced startup enables you to perform these actions:

Start recovery (aka: Windows RE or WinRE), troubleshooting, and diagnostic tools.

Boot from a disk (ex: USB or DVD) or device (UEFI only)

Access the PC's UEFI firmware

Restore Windows from a system image

Choose default operating system to boot to on PC if multiple operating systems are installed

This tutorial will show you how to boot to the advanced startup options in Windows 10 .

When you boot to advanced startup, all user sessions are signed off. If you select a Windows RE feature from this menu, the PC restarts into Windows RE and the selected feature is launched.

In some situations, Windows RE automatically tries to repair the system. Also, these situations automatically cause a failover to Windows RE:

Two consecutive failed attempts to start Windows.

Two consecutive unexpected shutdowns that occur within two minutes of boot completion.

A Secure Boot error (except for issues related to Bootmgr. efi).

A BitLocker error on touch-only devices.

If users boot to advanced startup from within Windows and select a Windows RE tool, they must provide the user name and password of an administrator account on the local PC. This doesn't apply to the Reset your PC feature.

CONTENTS:

Option One: Boot to Advanced Startup Options from Settings app in Windows 10

Option Two: Boot to Advanced Startup Options from Power Menu

Option Three: Boot to Advanced Startup Options from "Choose an operating system"

Option Four: Boot to Advanced Startup Options from Recovery Drive

Option Five: Boot to Advanced Startup Options from Windows 10 Installation USB or DVD

Option SIX: Boot to Advanced Startup Options from a Hard Reboot

EXAMPLE: Advanced Startup Options at boot for Windows 10

Boot to Advanced Startup Options from Settings app in Windows 10

1. Open Settings . and click/tap on the Update & security icon.

2. Click/tap on Recovery on the left side, and click/tap on Restart now under Advanced startup on the right side. (see screenshot below)

Boot to Advanced Startup Options from Power Menu

1. Do step 2, 3, or 4 below for what Power menu you would like to use.

2. Open the Start Menu . click/tap on the Power button, press and hold the Shift key, and click/tap on Restart . (see screenshot below)

3. Press the CTRL+ALT+DEL keys, click/tap on the Power button, press and hold the Shift key, and click/tap on Restart . (see screenshot below)

4. While on the Sign-in screen, click/tap on the Power button, press and hold the Shift key, and click/tap on Restart . (see screenshot below)

Intermediate III Test 2

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Crea una cuenta

Roberto Corporation was organized on January 1, 2013. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2013, Roberto had the following transactions relating to shareholders' equity:

Issued 10,000 shares of common stock at $7 per share. Issued 20,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. Purchased 3,000 shares of treasury stock at $10 (part of the 20,000 shares issued at $8).

What is total shareholders' equity at the end of 2013?

Heidi Aurora Imports issued shares of the company's Class B stock. Heidi Aurora Imports should report the stock in the company's statement of financial position:

Boxer Company owned 20,000 shares of King Company that were purchased in 2011 for $500,000. On May 1, 2013, Boxer declared a property dividend of 1 share of King for every 10 shares of Boxer stock. On that date, there were 50,000 shares of Boxer stock outstanding. The market value of the King stock was $30 per share on the date of declaration and $32 per share on the date of distribution. By how much is retained earnings reduced by the property dividend?

On October 1, 2013, Chief Corporation declared and issued a 10% stock dividend. Before this date, Chief had 80,000 shares of $5 par common stock outstanding. The market value of Chief Corporation on the date of declaration was $10 per share. As a result of this dividend, Chief's retained earnings will:

Under its executive stock option plan, Q Corporation granted options on January 1, 2013, that permit executives to purchase 15 million of the company's $1 par common shares within the next eight years, but not before December 31, 2015 (the vesting date). The exercise price is the market price of the shares on the date of grant, $18 per share. The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures were anticipated; however, unexpected turnover during 2014 caused the forfeiture of 5% of the stock options. Ignoring taxes, what is the effect on earnings in 2015?

On January 1, 2013, Black Inc. issued stock options for 200,000 shares to a division manager. The options have an estimated fair value of $6 each. To provide additional incentive for managerial achievement, the options are not exercisable unless divisional revenue increases by 6% in three years. Black initially estimates that it is probable the goal will be achieved. In 2014, after one year, Black estimates that it is not probable that divisional revenue will increase by 6% in three years. Ignoring taxes, what is the effect on earnings in 2014?

On January 1, 2013, Blue Inc. issued stock options for 200,000 shares to a division manager. The options have an estimated fair value of $6 each. To provide additional incentive for managerial achievement, the options are not exercisable unless divisional revenue increases by 6% in three years. Blue initially estimates that it is not probable the goal will be achieved, but in 2014, after one year, Blue estimates that it is probable that divisional revenue will increase by 6% by the end of 2015. Ignoring taxes, what is the effect on earnings in 2014?

Wilson Inc. developed a business strategy that uses stock options as a major compensation incentive for its top executives. On January 1, 2013, 20 million options were granted, each giving the executive owning them the right to acquire five $1 par common shares. The exercise price is the market price on the grant date—$10 per share. Options vest on January 1, 2017. They cannot be exercised before that date and will expire on December 31, 2019. The fair value of the 20 million options, estimated by an appropriate option pricing model, is $40 per option. Ignore income tax. Wilson's compensation expense in 2013 for these stock options was:

Red Company is a calendar-year U. S. firm with operations in several countries. At January 1, 2013, the company had issued 40,000 executive stock options permitting executives to buy 40,000 shares of stock for $25. The vesting schedule is 20% the first year, 30% the second year, and 50% the third year (graded-vesting). The fair value of the options is estimated as follows: Vesting Date Amount Vesting Fair Value/Option Dec 31 2013 20% $7 Dec 31 2014 30% $8 Dec 31 2015 50% $12 What is the compensation expense related to the options to be recorded in 2014?

Green Company is a c alendar-year U. S. firm with operations in several countries. At January 1, 2013, the company had issued 40,000 executive stock options permitting executives to buy 40,000 shares of stock for $25. The vesting schedule is 20% the first year, 30% the second year, and 50% the third year (graded-vesting). The fair value of the options is estimated as follows: Vesting Date Amount Vesting Fair Value/Option Dec 31 2013 20% $7 Dec 31 2014 30% $8 Dec 31 2015 50% $12 Assuming Green uses the straight-line method, what is the compensation expense related to the options to be recorded in 2014?

Yellow Company is a calendar-year firm with operations in several countries. At January 1, 2013, the company had issued 40,000 executive stock options permitting executives to buy 40,000 shares of stock for $30. The vesting schedule is 20% the first year, 30% the second year, and 50% the third year (graded-vesting). The fair value of the options is estimated as follows: Vesting Date Amount Vesting Fair Value/Option Dec 31 2013 25% $6 Dec 31 2014 25% $7 Dec 31 2015 50% $9 Assuming Yellow prepares its financial statements in accordance with International Financial Reporting Standards, what is the compensation expense related to the options to be recorded in 2014?

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How to Download Stock Quotes Into Excel

Use the "Add" and "Remove" buttons in the Properties to select the data you want on your spreadsheet. By default, the program enters the stock symbol and last price. The information in the left column are options that are available. The information in the right column are properties that you selected.

Paso 7

Select a property in the right column and click the "Up" and "Down" buttons to change the order of the properties. The order listed is the order that the information will appear on your spreadsheet.

Paso 8

Type the cell that you want the information to appear in the field in the Destination section. By default, the add-on enters this information in cell A1. Click "OK" to insert the stock quote into your spreadsheet.

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All quotes are delayed 15 minutes.

To update your quotes, click the "Update Quotes" button on the "Add-Ins" lengüeta.

DaVita (DVA)

DVA » Temas & raquo; Employee stock purchase plan

These excerpts taken from the DVA 10-K filed Feb 27, 2009.

Employee stock purchase plan

The Employee Stock Purchase Plan entitles qualifying employees to purchase up to $25 of the Company’s common stock during each calendar year. The amounts used to purchase stock are accumulated through payroll withholdings or through optional lump sum payments made in advance of the first day of the purchase right period. This compensatory plan allows employees to purchase stock for the lesser of 100% of the fair market value on the first day of the purchase right period or 85% of the fair market value on the last day of the purchase right period. Purchase right periods begin on January 1 and July 1, and end on December 31. Payroll withholdings and lump-sum payments related to the plan, included in accrued compensation and benefits, were $4,596, $4,711, and $5,991 at December 31, 2008, 2007 and 2006, respectively. Subsequent to December 31, 2008, 2007 and 2006, 107,340, 98,353 and 123,920 shares, respectively, were issued to satisfy obligations under the plan. At December 31, 2008, there were 1,048,965 shares available for future grants under this plan.

The fair value of employees’ purchase rights was estimated as of the beginning dates of the purchase right periods using the Black-Scholes-Merton valuation model with the following weighted average assumptions for purchase right periods in 2008, 2007 and 2006, respectively: expected volatility of 24%, 23% and 23%; risk-free interest rate of 2.5%, 4.9% and 4.9%, and no dividends. Using these assumptions, the weighted average estimated fair value of these purchase rights was $13.65, $13.96 and $12.35 for 2008, 2007 and 2006, respectively.

Employee stock purchase plan

These excerpts taken from the DVA 10-K filed Feb 29, 2008.

Employee stock purchase plan

The Employee Stock Purchase Plan as amended on May 29, 2007 entitles qualifying employees to purchase up to $25 of the Company’s common stock during each calendar year. The amounts used to purchase stock are accumulated through payroll withholdings or through optional lump sum payments made in advance of the first day of the purchase right period. This compensatory plan allows employees to purchase stock for the lesser of 100% of the fair market value on the first day of the purchase right period or 85% of the fair market value on the last day of the purchase right period. Purchase right periods begin on January 1 and July 1, and end on December 31. Payroll withholdings and lump-sum payments related to the plan, included in accrued compensation and benefits, were $4,711, $5,991, and $3,264 at December 31, 2007, 2006 and 2005, respectively. Subsequent to December 31, 2007, 2006 and 2005, 98,353, 123,920 and 80,442 shares, respectively, were issued to satisfy obligations under the plan. At December 31, 2007, there were 1,156,305 shares available for future grants under this plan.

The fair value of employees’ purchase rights was estimated as of the beginning dates of the purchase right periods using the Black-Scholes-Merton valuation model with the following weighted average assumptions for purchase right periods in 2007, 2006 and 2005, respectively: expected volatility of 23%, 23% and 27%; risk-free interest rate of 4.9%, 4.9% and 3.2%, and no dividends. Using these assumptions, the weighted average estimated fair value of these purchase rights was $13.96, $12.35 and $10.64 for 2007, 2006 and 2005, respectively.

Employee stock purchase plan

FACE="Times New Roman" SIZE="2">The fair value of employees’ purchase rights was estimated as of the beginning dates of the purchase right periods using the Black-Scholes-Merton valuation model with the following weighted average assumptions for purchase right periods in 2007, 2006 and 2005, respectively: expected volatility of 23%, 23% and 27%; risk-free interest rate of 4.9%, 4.9% and 3.2%, and no dividends. Using these assumptions, the weighted average estimated fair value of these purchase rights was $13.96, $12.35 and $10.64 for 2007, 2006 and 2005, respectively.

FACE="Times New Roman" SIZE="2"> Stock-based compensation expense and proceeds

FACE="Times New Roman" SIZE="2">For the years ended December 31, 2007 and 2006, the Company recognized $34,149 and $26,389, respectively, in stock-based compensation expense for stock options, stock appreciation rights, stock units and employee stock plan purchases, which is primarily included in general and administrative expenses in continuing operations. The estimated tax benefits recorded for this stock-based compensation in 2007 and 2006 were $12,820 and $9,678, respectively. As of December 31, 2007, there was $78,605 of total estimated unrecognized compensation cost related to nonvested stock-based compensation arrangements under the Company’s equity compensation and stock purchase plans. The Company expects to recognize this cost over a weighted average remaining period of 1.6 years.

FACE="Times New Roman" SIZE="2">During the years ended December 31, 2007, 2006 and 2005, the Company received $54,697, $37,877 and $42,144 in cash proceeds from stock option exercises and $32,788, $40,375 and $38,484 in total actual tax benefits upon the exercise of stock awards, respectively.

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Cassazione: le plusvalenze da stock options sono reddito da lavoro dipendente

La Cassazione, con sentenza nr. 11214/2011 ha affermato che le plusvalenze derivanti dall’esercizio di un diritto di opzione su azioni, concesso da una Spa a un dipendente, costituiscono una componente del reddito da lavoro dipendente, pertanto vanno tassate con aliquota progressiva.

Il caso ha riguardato un dirigente di una S. p.a. titolare di alcune azioni della società medesima, dalle quali nel 2000 aveva ricavato una plusvalenza. Tale plusvalenza era stata ritenuta dall’azienda, reddito da lavoro dipendente che, pertanto l’aveva tassata con aliquota progressiva.

Il dirigente, (che riteneva che la plusvalenza dovesse essere tassata con l’aliquota fissa del 12,5%), ricorreva in giudizio chiedendo il rimborso della differenza fra il valore delle ritenute calcolate col sistema della tassazione progressiva e la tassazione al 12,5% prevista per il capital-gain .

In entrambi i gradi di merito, i giudici, hanno ritenuto spettante il rimborso; di diverso avviso la Cassazione.

Secondo gli Ermellini, la vicenda va ricostruita alla luce dell’articolo 48 Tuir, vigente ratione temporis: “ per il comma 2, lett. g-bis (aggiunta dal D. Lgs. 23 dicembre 1999, n. 505, art. 13, comma 1, lett. b), n. 2, del D. P.R. dicembre 1986, n. 917, art. 48 (ora 51) (‘determinazione del reddito di lavoro dipendente’) ‘non concorrono a formare il reddito …la differenza tra il valore delle azioni al momento dell’assegnazione e l’ammontare corrisposto dal dipendente, a condizione che il predetto ammontare sia almeno pari al valore delle azioni stesse alla data dell’offerta ‘ (con la precisazione che ‘se le partecipazioni, i titoli o i diritti posseduti dal dipendente rappresentano una percentuale di diritti di voto esercitagli nell’assemblea ordinaria o di partecipazione al capitale o al patrimonio superiore al 10 per cento, la predetta differenza concorre in ogni caso interamente a formare il reddito’) “.

Inoltre, tale disposizione è applicabile esclusivamente alle azioni emesse dall’impresa con la quale il contribuente intrattiene il rapporto di lavoro . nonché a quelle emesse da società che, direttamente o indirettamente, controllano la medesima impresa, ne sono controllate o sono controllate dalla stessa società che controlla l’impresa (comma 2- bis dell’articolo 48, ora 51).

In particolare, tale regime prevede l’esenzione di una quota parte del reddito di lavoro dipendente, in misura corrispondente alla differenza tra il valore delle particolari azioni al momento dell’assegnazione e l’ammontare corrisposto dal dipendente (strike price) quando l’opzione viene esercitata (exercise date) non concorre a formare il suo reddito a condizione che la stessa differenza sia almeno pari al valore delle azioni stesse alla data dell’offerta (grant date), con la precisazione che se le partecipazioni, i titoli o i diritti posseduti dal dipendente rappresentano una percentuale di diritti di voto esercitabili nell’assemblea ordinaria o di partecipazione al capitale o al patrimonio superiore al 10%, la predetta differenza concorre in ogni caso interamente a formare il reddito (articolo 48, comma 2, lettera g-bis).

Diversamente, se la condizione non si verifica (cioè se la differenza è maggiore rispetto al valore delle azioni alla data dell’offerta), allora si è in presenza di una componente del reddito da lavoro del dipendente.

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Plusvalenza da stock options: è reddito da lavoro dipendente

A meno che la differenza tra azioni e somma corrisposta sia almeno pari al prezzo del titolo alla data dell'offerta

La vicenda Un dirigente di una Spa riceve nel corso del 1997 delle stock options già in circolazione e nel 2000 realizza una plusvalenza dall'esercizio del diritto di opzione sulle azioni. Oggetto del giudizio è stata la modalità di tassazione di tale plusvalenza. In particolare, il contribuente riteneva che dovesse essere tassata con l'aliquota fissa del 12,5% e che, quindi, gli spettasse il rimborso della differenza fra il valore delle ritenute calcolate col sistema della tassazione progressiva e la tassazione al 12,5% prevista per il capital-gain. L'Amministrazione finanziaria (e anche la società), invece, l'ha considerata una componente del reddito da lavoro dipendente, tassandola con aliquota progressiva. Di conseguenza, l'ufficio ha ritenuto non spettante il rimborso. Ciò perché non si è verificata la condizione di esclusione prevista dall'articolo 48 (ora articolo 51), comma 2, lettera g-bis, Dpr 917/1996: il prezzo delle azioni, al momento dell'offerta, non era pari al loro valore al momento dell'esercizio dell'opzione (era inferiore di 150 lire circa per azione rispetto al loro valore nominale di borsa).

Ma la Corte suprema ha ricostruito la vicenda alla luce dell'articolo 48 Tuir, vigente ratione temporis, e ha statuito che "per il comma 2, lett. g-bis (aggiunta dal D. Lgs. 23 dicembre 1999, n. 505, art. 13, comma 1, lett. b), n. 2, del D. P.R. dicembre 1986, n. 917, art. 48 (ora 51) ('determinazione del reddito di lavoro dipendente') 'non concorrono a formare il reddito…la differenza tra il valore delle azioni al momento dell'assegnazione e l'ammontare corrisposto dal dipendente, a condizione che il predetto ammontare sia almeno pari al valore delle azioni stesse alla data dell'offertà (con la precisazione che 'se le partecipazioni, i titoli o i diritti posseduti dal dipendente rappresentano una percentuale di diritti di voto esercitagli nell'assemblea ordinaria o di partecipazione al capitale o al patrimonio superiore al 10 per cento, la predetta differenza concorre in ogni caso interamente a formare il reddito')" .

Osservazioni La Cassazione individua, in generale, le fattispecie nelle quali le somme percepite a seguito dell'esercizio delle stock options concorrono a formare il reddito da lavoro dipendente e, in particolare, per tali casi, precisa quale sia la disciplina applicabile ratione temporis. Era contenuto nell'articolo 48, comma 2, lettera g-bis, e comma 2 bis, Tuir, "вЂ¦ il regime fiscale delle c. d. stock options (offerta di acquisto, ad una data scadenza, di un diritto di opzione su specifiche azioni), ovverosia del beneficio economico derivante al lavoratore dipendente dall'esercizio (mediante la sua accettazione), alla scadenza prevista, dell'offerta (di acquisto) di azioni, sempre che emesse dall'impresa con la quale il contribuente intrattiene il rapporto di lavoro o da società che direttamente o indirettamente, controllano la medesima impresa, ne sono controllate o sono controllate dalla stessa società che controlla l'impresa" (Cassazione 11214/2011). In particolare, tale regime prevede l'esenzione di una quota parte del reddito di lavoro dipendente in misura corrispondente alla differenza tra il valore delle particolari azioni al momento dell'assegnazione e l'ammontare corrisposto dal dipendente (strike price) quando l'opzione viene esercitata (exercise date) non concorre a formare il suo reddito a condizione che la stessa differenza sia almeno pari al valore delle azioni stesse alla data dell'offerta (grant date), con la precisazione che se le partecipazioni, i titoli o i diritti posseduti dal dipendente rappresentano una percentuale di diritti di voto esercitabili nell'assemblea ordinaria o di partecipazione al capitale o al patrimonio superiore al 10%, la predetta differenza concorre in ogni caso interamente a formare il reddito (articolo 48, comma 2, lettera g-bis).

Nessun dubbio per la Corte suprema sull'applicabilità al caso di specie, ratione temporis, del novellato articolo 48 Tuir. Nella sua originaria formulazione, la norma disponeva la non concorrenza al reddito da lavoro dipendente, ai fini Irpef, del valore delle azioni assegnate ai dipendenti: si trattava di un regime agevolato senza limiti e non subordinato neanche a un periodo di detenzione minimo delle azioni. Diversamente, dopo le modifiche introdotte con il decreto legislativo 505/1999.

L'articolo 13 del decreto, al comma 2, infatti, dispone che i nuovi precetti si applicano a decorrere dal 1º gennaio 2000, ma non alle assegnazioni di titoli effettuate precedentemente a tale data, nonché a quelle derivanti dall'esercizio di opzioni attribuite dal 1º gennaio 1998 fino alla data di entrata in vigore del decreto. Di conseguenza, nella fattispecie sottoposta all'esame della Corte, è pacifico sia che il diritto di opzione è stato attribuito in data anteriore al 1998, sia che l'opzione è stata esercitata quando la nuova disciplina era già entrata in vigore.

Seguendo l'interpretazione della Corte, per le 'assegnazioni di titoli' considerate dal legislatore, il momento temporale rilevante ai fini dell'individuazione della disciplina applicabile va identificato in quello in cui la datrice di lavoro, onorando l'offerta di acquisto fatta in precedenza, assegna (trasferendone la titolarità) i titoli azionari offerti al suo dipendente. A tale riguardo, la Cassazione ha precisato che, per le assegnazioni di titoli intervenute come nel caso di specie dopo il 1º gennaio 2000, se la differenza tra il valore delle azioni al momento dell'assegnazione e l'ammontare corrisposto dal dipendente risulta superiore al valore delle azioni stesse alla data dell'offerta, non assume più alcuna rilevanza che l'offerta dell'opzione si sia verificata in epoca anteriore. La plusvalenza da stock options, quindi, va tassata quale componente del reddito da lavoro dipendente proprio perché la ratio della norma va rinvenuta nel fine di evitare che il piano di azionariato sia utilizzato per corrispondere al dipendente compensi non soggetti a tassazione mediante l'offerta di titoli a un prezzo inferiore al loro valore normale.

Buying Put Options

Buying put options is a bearish strategy using leverage and is a risk-defined alternative to shorting stock. An illustration of the thought process of buying a put is given next:

A trader is very bearish on a particular stock trading at $50.

The trader is either risk-averse, wanting to know before hand their maximum loss or wants greater leverage than simply shorting stock.

The trader expects the stock to move below $47.06 in the next 30 days.

Given those expectations, the trader selects the $47.50 put option strike price which is trading for $0.44. For this example, the trader will buy only 1 put option contract (Note: 1 contract is for 100 shares) so the total cost will be $44 ($0.44 x 100 shares/contract). The graph below of this hypothetical situation is given below:

There are numerous reasons, both technical and fundamental, why a trader could feel bearish.

Options Offer Defined Risk

When a put option is purchased, the trader instantly knows the maximum amount of money they can possibly lose. The max loss is always the premium paid to own the option contract; in this example, $44. Whether the stock rises to $55 or $100 a share, the put option holder will only lose the amount they paid for the option. This is the risk-defined benefit often discussed about as a reason to trade options.

Options offer Leverage

The other benefit is leverage . When a stock price is below its breakeven point (in this example, $47.06) the option contract at expiration acts exactly like being short stock. To illustrate, if a 100 shares of stock moves down $1, then the trader would profit $100 ($1 x $100). Likewise, below $47.06, the options breakeven point, if the stock moved down $1, then the option contract would increase by $1, thus making $100 ($1 x $100) as well.

Remember, to short the stock, the trader would have had to put up margin requirements, sometimes 150% of the present stock value ($7,500). However, the trader in this example, only paid $60 for the put option and does not need to worry about margin calls or the unlimited risk to the upside.

Options require Timing

The important part about selecting an option and option strike price, is the trader's exact expectations for the future. If the trader expects the stock to move lower, but only $1 lower, then buying the $47.50 strike price would be foolish. This is because at expiration, if the stock price is anywhere above $47.50, whether it be $75 or $47.51, the put option will expire worthless. If a trader was correct on their prediction that the stock would move lower by $1, they would still have lost.

Similarly, if the stock moved down to $46 the day after the put option expired, the trader still would have lost all their premium paid for the option. Simply stated, when buying options, you need to predict the correct direction of stock movement, the size of the stock movement, and the time period the stock movement will occur--more complicated then shorting stock, when all a person is doing is predicting that the stock will move in their predicted direction downward.

Stock Options é um programa de opção de aquisição de ações em que uma empresa permite que seus empregados adquiram suas ações por preços abaixo do mercado e obtenham lucro com a venda. O objetivo é atrair ou reter os bons profissionais na companhia. Esta opção de compra de ações, que estava restrita aos altos executivos, vem ganhando cada vez mais espaço entre os demais colaboradores.

De acordo com o Stock Option Plan . a empresa reserva um número determinado de ações, para que o empregado que permanecer por um certo período na companhia possa adquiri-las pelo preço do dia da reserva e vendê-las pelo valor atualizado.

Para adoção deste programa de incentivo, a empresa deve ser uma Sociedade Anônima, de capital autorizado, com previsão em seu Estatuto Social, aprovação do Plano de Compras em Assembleia Geral de Acionistas e as ações devem ser intermediadas por um profissional no mercado de valores mobiliários, respeitando as regras da CVM. Ademais, o Stock Options Plan não pode confrontar a Lei 10.101/2000, que trata da participação de lucros, uma vez que são institutos distintos.

O programa estimula o empregado a produzir bons resultados à companhia, pois ele também se beneficiará com o desempenho da empresa.

Os aspectos negativos na adoção deste programa são: a) a perda de foco pelo colaborador, pois ele poderá pensar mais no preço das ações do que na administração da empresa; b) a frustração caso o resultado da sociedade não seja o esperado.

Alguns entendem que este plano de incentivo tem natureza jurídica salarial com reflexos na tributação do IR, INSS, FGTS e verbas trabalhista ordinárias, além de ganho de capital. Outros, ao contrário, entendem que por não haver pagamento pela prestação do serviço e envolver riscos, devido a flutuação do mercado, não poderá ser caracterizada como natureza salarial, pois o colaborador corre o risco de ganhar ou perder.

Empresas como Natura Cosméticos, HSBC e Monsanto já aderiram a esta forma de remuneração, comprometendo o empregado com o resultado da empresa.

Assim, tal benefício vai ao encontro da gestão moderna em que as organizações se preocupam em manter os seus colaboradores, obtendo destes o comprometimento com o empreendimento e evitando a evasão de talentos.

Fast Answers

Limit Orders

A limit order is an order to buy or sell a stock at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. A limit order is not guaranteed to execute. A limit order can only be filled if the stock’s market price reaches the limit price. While limit orders do not guarantee execution, they help ensure that an investor does not pay more than a pre-determined price for a stock.

To understand where and how an order you place with your broker is executed, you should read Trade Execution: What Every Investor Should Know. For more information on the different types of orders you can place when you buy or sell a stock, please read our investor bulletin “Trading Basics”.

Southwest Airlines

Business Summary

Industry, sector and description for Southwest Airlines.

Southwest Airlines has stayed on top of its troubled industry for years, thanks to smart management and a no-frills business model that’s built for profit. A major domestic airline, it provides point-to-point, low-fare service.

Exchange: NYSE

Sector: Services

Industry: Transportation Infrastructure

Stock Charting

LUV vs. SPY | 2 Year Performance

L'ispirazione su Fiat me l'ha data un articolo sul Sole 24 ore: la casa torinese produrrà in collaborazione con l'indiana TATA una vettura da 2.500 $, al conio europeo 2000 euro!

E cosa ti danno se compri un modello base?

I longheroni con i cerchioni?

Non per niente: basta dare un'occhiata a bilanci passati, presenti e futuri (anche se questi sono frutto di analisi a volte troppo rosee) per cercare di capire se FIAT con una vettura da 2.000 euro (IVA esclusa o inclusa?) ripone le speranze di migliorare una marginalità che è già bassa .

Anzi: la marginalità finale (rapporto utile /ricavi) del bilancio FIAT (la vedete in fondo nei prospetti) deriva dal complesso di attività della Holding Fiat. attività diverse dal settore auto e, addirittura, nel 2005, la marginalità è scaturita esclusivamente da operazioni straordinarie derivanti da una bella plusvalenza (1,1 miliardi!) a seguito della nota vicenda General Motor (guardate i dati "ultimo bilancio" il salto dal MOL all'EBIT. solitamente si scende di valori ma a seguito di operazioni straordinarie il bialncio FIAT ha fatto il contrario conseguendo l'utile e margine finale).

Personalmente ritengo che il "male" della FIAT risiede nel non voler deconsolidare il settore auto dal settore finanziario e no core rendendo difficile una valutazione distinta delle varie attività.

Una cosa che mi è saltata all'occhio. hanno costantemente 6 miliardi di euro in cassa.

Ma perchè non li utilizzano per migliorare la posizione finanziaria netta che è negativa per ben 17,5 miliardi?

Così facendo migliorerebbero anche il rapporto Debiti /equitY (PFN /patrimonio netto) che non è proprio dei migliori essendo superiore all'unità: è a 1,65 e non è l'ottimale.

Aggiungo che nel corso del 2006 sono stati emessi bond per ben 2,4 miliardi.

Ripeto: e quei 6 miliardi in cassa a cosa servono? Eppure crediti commerciali e debiti commerciali sono piuttosto equilibrati per fra fronte alla gestione corrente. (sui 20 miliardi entrambi su un fatturato di circa 54 miliardi. un po lenti)

E acquisizioni non se ne fanno.

Sono domande che un ignorante come me si pone: magari se i bilanci fossero "deconsolidati" (gestione industriale distinta da gestione finanziaria ed attività no core) certi quesiti potrebbero avere una risposta anche per un bue come il sottoscritto.

Per carità: non ho detto che FIAT nel suo bilancio non procede a distinzioni di merito.

Lo fa. ma sul mercato il solo settore auto quanto varrebbe effettivamente?

Analisti. a 11,30 FIAT quota 14X il PE 2006 e 10X il PE 2007

Daimler Chrysler . 13,5X PE2006 - 9 X PE 2007

Renault: 8,4X PE 2006 - 7,7X PE 2007

General Motor . 28X PE2006 - 9X PE2007

Lo dicono gli analisti.

5 Comments:

Faccio questa visita su segnalazione del blogger ghizolfo. Da quanto ha detto, penso di diventare un abituè di questo blog. Mi è balzato subito all'occhio la FIAT. Sono stato un suo affezzionato azionista (dopo un certo punto, azionista forzato, per via delle perdite accumulate) fino al 2002. Poi ho venduto tutto..alla disperata, e da allora non ne voglio più, mai più sapere di questo titolo e di quelli della sua scuderia. Ma quello che mi interessa da questo blog, è conoscere _ ghizolfo dice che ne conosci molti - i retroscena sulla borsa che si celano nei meandri e nei corridori di palazzo Chigi e palazzo Madama. un presto

Cosa ne pensi di: - Actelios - Interpump - Safilo - Bipielle Investimenti ?

Ciao Marshall! A Safilo preferisco Luxottica per margini e licenze su marchi decisamente migliori. ACTELIOS mi piace anch'essa per le potenzialità del business (si fanno pagare per raccogliere rifiuti e li trasformano in energia!) non è indebitata e crescerà ancora. sinceramente non ne conosco i multipli quindi mi limito a quanto detto. Gli altri titoli non li seguo in particolare Bipielle. Su interpump mi hai messo "la pulce nell'orecchio": ci andrò a vedere.

ciao Marshall ho letto alcune tue considerazioni su politici & c. le quali condivido appieno. Se uno vedesse gli schieramenti politici di entrambi i colori molto da vicino, invece di limitarsi agli improbabili slogan pre elettorali che scientificamente vengono disattesi, nessuno andrebbe a votare. Ma purtroppo il difetto principale della maggior parte degli elettori è quello di essere troppo "tifosi". ultras mi verrebbe da dire. (ma non vorrei offendere la "fedeltà" a dei colori in ambito sportivo)che poco ragionano sul concetto di "conduzione di un paese" cioè Governo di un paese. Spesso questo concetto è violentato da ragioni di puro "colore" sacrificando le necessità della collettività. Un esempio? In Italia per le spese militari, da 10 anni a questa parte, si dedica circa il 2,5 del PIL. Moltissimo per un paese non in guerra o in situazione di tensione. E la spesa sociale? La media Europea vede una destinazione di circa il 7% del PIL. in Italia neanche il 2,5%. gli esempi si potrebbero moltiplicare partendo dal più ecclatante e conosciuto problema delle retribuzioni ai nostri rappresentanti che rappresenta semplicemente la punta dell'iceberg. Prova a digitare su google "bilancio dello stato". Su cnel. it vi è una versione in xcl fino al 2004. Guardate le spese per Governo ed organi istituzonali: 54 miliardi di euro. poi viene il resto. Dicono che "la democrazia costa" ma è la solita demagogia difensivistica di un sistema inefficiente basato su un eccesso di autoreferenzialità. Roby

Ti inserisco tra i blogfriend.

Zener, ho letto con vivo interesse questo commento perchè contiene notizie e dati che, sviscerati ben bene e documentati con accuratezza, cercherò di utilizzare, quando se ne verificherà un'occasione particolarmente clamorosa, in uno dei prossimi post: che spero il più mordente possibile.

STOCKS Margin Requirements

In an equity account, margin is the amount of equity contributed by a customer (in the form of cash or margin-eligible securities) as a percentage of the current market value of the stocks or option positions held in the customer's margin account.

The margin balance in an account is the amount a customer has borrowed, using cash or margin-eligible securities as collateral, in his or her margin account.

A margin call occurs when a brokerage firm demands that a customer deposit additional equity in order to bring margin deposits up to a required minimum level. If the customer fails to meet a margin call, the customer's positions may be liquidated.

If you open a margin account, MB Trading allows customers to trade stocks with 4-to-1 intraday margin and 2-to-1 overnight margin.

TENGA EN CUENTA:

"Day Trading Margin Requirements provided by FINRA Rule 4210 indicates the term "day trading" to mean the purchasing and selling or the selling and purchasing of the same security on the same day in a margin account except for:

A long security position held overnight and sold the next day prior to any new purchase of the same security, or

A short security position held overnight and purchased the next day prior to any new sale of the same security.”

Pattern daytrading (PDT)) accounts require a $25,000 minimum balance. Pattern daytrading status is assigned to margin accounts which execute more than three (3) equity or options daytrades within five (5) consecutive business days.

Non pattern daytrading (NPDT) account is a margin account with account balance below $25,000. The account is given day trading buying power of a 4:1 basis as long as the account DOES NOT exceed Three (3) day trades in a rolling five (5) business day period.

Cash accounts do not have a minimum balance requirement.

¡NUEVO! Margin Account Restriction (Effective June 27, 2008)

If PDT accounts fall below the minimum equity of $25,000 or NPDT exceeds 3 day trades in the rolling 5 business day period, an Equity Maintenance call will be generated, in which the account will be issued with zero (0) day trading buying power and zero (0) overnight buying power. In addition, the accounts will be restricted to liquidating transactions only until the day after the Equity Maintenance call is met. For more detail please click here .

Short Selling Rule Changes and Possible Buy ins:

As of October 17, 2008, The Securities and Exchange Commission is adopting an antifraud rule under the Securities Exchange Act of 1934 to address fails to deliver securities that have been associated with "naked" short selling. The rule will further evidence the liability of short sellers, including broker-dealers acting for their own accounts, who deceive specified persons about their intention or ability to deliver securities in time for settlement (including persons that deceive their broker-dealer about their locate source or ownership of shares) and that fail to deliver securities by settlement date.

What this means to you our client: MB Trading and our clearing firm Apex Clearing Corporation may be required to buy in "any and all short positions held past settlement date: trade date plus 3 days."

Since many of our clients, in fact "short" securities it would not be possible in most situations to contact you to alert you of the short position being bought in. Please monitor any short positions closely by logging into the MBT Desktop software or via our website: www. mbtrading. com. Please also keep this potential buy-in, in mind when considering buying back the "short" stock on the day after settlement. If the clearing firm also buys in, you will be long the stock. Both trades will stand as good trades. For more information on the rule please visit here www. sec. gov/news/press/2008/2008-211.htm

This easy to read grid gives a brief explanation of margin calls, deadlines, how to meet the call, and the result.

A document from the NASD describing the rule change relating to daytrading margin requirements.

UBS One Source, our primary, online point of contact for plan participants, offers consolidated account information and transactions, modeling tools, company stock quotes and plan information, 24 hours a day, 7 days a week.*

We tailor your participant site by displaying your company’s logo and customizing specific information to reflect your plan’s features. We also offer the ability for your employees to access UBS One Source directly from your company’s internal website, without having to complete an additional log-in process (if your company has implemented industry protocols supported by UBS Financial Services Inc.).

How to Use Your UBS One Source Login To log in to the UBS One Souce website, please go to this web address:

Note: The ticker in the web address is your company's stock symbol in lowercase letters. For example: If XYZ Corporation's ticker is XYZ, the URL would be www. ubs. com/onesource/xyz .

You will be prompted to enter your Login ID and Personal Identification Number.

Features By logging into the site, stock plan clients can obtain account access and information such as:

A consolidated Account Summary that shows your stock benefit plan account holdings and other assets you may hold at the Firm.

Transaction capabilities such as exercise of vested stock options and sales of available shares.

Selection of multiple order types and distribution elections.

Participant alerts and notifications upon login.

Real-time company stock quotes and major market indices.

Online forms, brokerage statements, grant communications and confirmations.

To reach a UBS representative, call 1-866-706-2727 (Monday - Friday, 9:00 a. m. - 5:00 p. m. ET) or e-mail us at CEFS@ubs. com with your name, title, company and contact information.

* Subject to downtime for scheduled maintenance.

[1] MSRP excluding tax, license, registration, $835.00 destination charge and options. Dealer prices may vary.

[2] MSRP excluding tax, license, registration, $900.00 destination charge and options. Dealer prices may vary.

[3] Subject to limited availability through September 2014 to residents of CA, OR, MA, RI, CT, NY, NJ, and MD on approved credit through American Honda Finance Corp. Closed end lease for 2014 Honda Fit EV for well-qualified lessees. Not all applicants will qualify. No purchase option at lease end. MSRP $37,415 (includes destination). Excludes tax, title, license, fees, registration, options and insurance. Total monthly payments $9,324. Lessee responsible for non-routine maintenance and excessive wear/tear. Lease includes collision coverage, routine maintenance, roadside assistance, unlimited mileage, and navigation system updates. Total due at lease signing is $259 plus tax and title and includes first month’s payment. Please see your authorized Fit EV dealer for complete details. For lessees who elect to install 240-volt charging equipment in their home, the charging equipment (hardware only) will be provided by Honda, the lessee remains responsible for installation and installation materials.

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$22,205 starting msrp 1

27 MPG CITY RATING [2]

Accord EX-L Sedan with available Honda Sensing shown. Shown at $30,670 MSRP [1]. 27 city/37 highway mpg rating [2]

Checking for offers.

See your Honda dealer for any available local offers.

See offer below.

Includes down payment with no security deposit. Excludes taxes, title, license and dealer fees. For well-qualified lessees. See offer terms

Due at lease signing

$0 first month's payment, > per month for > months thereafter.

Includes down payment with no security deposit. Excludes taxes, title, license and dealer fees. For well-qualified lessees. See offer terms

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The US stock markets are open from Monday - Friday with trading hours from 9:30 AM to 4 PM EST. The two main exchanges in the US are NYSE & Nasdaq. Both the NYSE and NASDAQ share the same holiday closure schedule. In addition to the above closure dates, the US markets may also have unexpected closings times or days due to emergencies, trading glitches or extreme weather. Pre-market trading in stocks occurs from 7 AM - 9:30 AM with after-hours trading from 4 PM - 8 PM EST. Most pre-market and after-market trades are limited and you should consult with your broker to learn more.

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[1] MSRP excluding tax, license, registration, $835.00 destination charge and options. Dealer prices may vary.

[2] MSRP excluding tax, license, registration, $900.00 destination charge and options. Dealer prices may vary.

CARACTERISTICAS

GALERÍA

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$18,640 starting msrp 1

31 MPG CITY RATING [2]

Civic Touring Sedan shown. Shown at $26,500 MSRP [1]. 31 city/42 highway mpg rating [2]

Checking for offers.

See your Honda dealer for any available local offers.

See offer below.

Includes down payment with no security deposit. Excludes taxes, title, license and dealer fees. For well-qualified lessees. See offer terms

Due at lease signing

$0 first month's payment, > per month for > months thereafter.

Includes down payment with no security deposit. Excludes taxes, title, license and dealer fees. For well-qualified lessees. See offer terms

Attribution Gratuite d’Actions et Options sur titres (« Stock Options »). Aménagement des obligations déclaratives

Deux décrets en date du 30 janvier 2012 aménagent les obligations déclaratives à réaliser en matière d'attribution gratuite d’actions et d’options sur titres ("stock-options").

Nouvelles obligations déclaratives pour 2012

La nouveauté, dès 2012, concerne les actions gratuites définitivement acquises au cours de l’année 2011 . En effet, l’objectif recherché est d’harmoniser les obligations déclaratives entre les stock-options et les actions gratuites. En vertu des nouvelles dispositions, les sociétés employant des bénéficiaires d’actions gratuites doivent transmettre un état individuel aux bénéficiaires concernés ainsi qu’une copie de ce document aux autorités fiscales dont relève la société avant le 30 avril 2012 . L’état individuel doit comporter les mentions suivantes :

Objet pour lequel il est établi (application de l’article 80 quaterdecies du Code Général des Impôts) ;

Raison sociale et siège social de la société émettrice des titres et, le cas échéant, celle de l’entreprise qui établit l’état ;

Identité et adresse du bénéficiaire ;

Nombre d’actions acquises et leur valeur unitaire à la date d’acquisition définitive ;

Dates d’attribution et d’acquisition définitive des titres ;

Date de fin de la période d’indisponibilité des titres.

De manière générale, les sociétés qui devront émettre cet état individuel sont les sociétés émettrices ou les sociétés employant des bénéficiaires.

Pour les stock-options, les obligations déclaratives à réaliser en 2012 n’ont pas été modifiées.

Aménagements apportés aux obligations déclaratives pour 2013

Dès 2013, les obligations déclaratives sont modifiées et complétées dans un souci, d’une part, d’harmoniser les obligations déclaratives entre les stock-options et les actions gratuites et, d’autre part, de prendre en compte les nouvelles obligations de retenue à la source applicables sur les gains de stock-options et d’actions gratuites. Parallèlement, afin de permettre la dématérialisation des échanges avec l’administration fiscale et pour faciliter le suivi des dispositifs, les obligations déclaratives à réaliser auprès de l’administration fiscale se feront désormais, sauf exception, par l’intermédiaire de la DADS (déclaration annuelle des salaires).

A compter de l’année 2013, les obligations déclaratives devraient être les suivantes :

Au plus tard le 1er mars de l’année qui suit l’acquisition définitive des actions et la levée des options (soit le 1er mars 2013 pour les actions gratuites acquises définitivement en 2012 et les options levées en 2012), les sociétés devront remettre un état individuel aux bénéficiaires ainsi qu’à l’établissement redevable de la retenue à la source par application de l’article 182 A ter du Code Général des Impôts. Pour cela, l’état individuel devra indiquer, en plus des mentions reportées ci-dessus pour 2012, la «fraction du gain de source française». A noter qu'un état individuel devra également être transmis aux différentes personnes concernées (y compris à l’administration fiscale) dès lors que les délais d’indisponibilité ne sont pas respectés et en cas d’opération dite «intercalaire». Le délai reste généralement fixé au plus tard le 1er mars de l’année qui suit l’année au cours de laquelle a eu lieu l’opération.

Pour les DADS souscrites à compter du 1er janvier 2013, en plus des informations dites «sociales» déjà existantes en DADS, des rubriques dites «fiscales» seront à compléter pour les options levées et les actions gratuites acquises définitivement à compter du 1er janvier 2012. Sur la base des informations disponibles à ce jour, les informations «fiscales» demandées seront les mêmes que celles figurant dans l’état individuel, y inclus la «fraction de source française». A noter que, dans certains cas, la communication à l’administration fiscale des informations continuera de se faire par le biais de l’état individuel.

Ces alertes diffusent des informations fiscales, juridiques ou sociales à caractère général. Elles ne peuvent se substituer à des recommandations ou à des conseils de nature fiscale, juridique ou sociale. Les informations contenues dans ces alertes ne constituent en aucune manière un conseil personnalisé susceptible d'engager, à quelque titre que ce soit, la responsabilité des auteurs et/ou de PwC Société d'Avocats. Ces alertes sont la propriété de PwC Société d'Avocats. Toute reproduction et/ou diffusion, en tout ou partie, par quelque moyen que ce soit est interdite sans autorisation préalable.

Aspiranti imprenditori

Cari colleghi, vorrei parlare di un argomento che non ho mai approfondito nel corso degli studi, ma che mi incuriosisce molto. Per una semlice e sintetica spiegazione consultare questo link: http://www. youtube. com/watch? v=nz6zEDNqUik

I fondi comuni di investimento sono strumenti finanziari (Organismi di Investimento Collettivo del Risparmio, OICR) che raccolgono il denaro di risparmiatori che affidano la gestione dei propri risparmi ad una società di gestione del risparmio (SGR) con personalità giuridica e capitale distinti da quelli del fondo.

I fondi comuni investono il denaro raccolto presso i sottoscrittori in valori mobiliari che costituiscono il patrimonio indiviso del fondo, di cui ogni risparmiatore detiene un certo numero di quote (la quota è la frazione di patrimonio unitaria del fondo di investimento ed ha un valore che cambia nel tempo in relazione all'andamento dei titoli nei quali il fondo investe). Il Decreto Legislativo n. 58/98 definisce il fondo comune di investimento come "il patrimonio autonomo, suddiviso in quote, di pertinenza di una pluralità di partecipanti gestito in monte".

Indipendentemente dalla tipologia di fondo, tutti i partecipanti hanno gli stessi diritti: i guadagni o le perdite, dal momento che il fondo non garantisce un rendimento certo (a meno di alcune tipologie particolari di prodotti), sono in proporzione a quanto investito, o meglio, in proporzione al numero di quote in possesso.

I fondi comuni, essendo gestiti da professionisti del settore, permettono ai piccoli investitori, se ben consigliati, di sottoscrivere investimenti aderenti al proprio profilo finanziario, in termini di rischio/rendimento. Inoltre, attraverso i piani di accumulo, hanno avvicinato al mercato anche coloro che momentaneamente non disponevano di sostanziosi risparmi. In relazione agli obiettivi finanziari, al rischio e al rendimento atteso il risparmiatore può scegliere tra diversi tipi di fondi: bilanciati, obbligazionari, azionari, di liquidità e flessibili.

I fondi comuni di investimento possono essere classificati sulla base di molti parametri.

Una prima distinzione riguarda la modalità di distribuzione dei profitti:

fondi a distribuzione dei proventi . in cui le eventuali plusvalenze realizzate in un arco temporale predefinito possono essere accreditate - in parte o interamente - sul conto corrente del risparmiatore sotto forma di "cedola" semestrale o annuale; fondi ad accumulazione dei proventi . in cui i guadagni rimangono all'interno del fondo e il sottoscrittore li realizza (cioè li trasforma in denaro contante) al momento della vendita delle quote. Un'ulteriore distinzione, individua dal Regolamento del Ministero del Tesoro n. 228/99, deve essere fatta tra fondi chiusi e fondi aperti:

fondi chiusi . prevedono il rimborso (da parte della SGR che lo ha istituito) delle quote sottoscritte solo in periodi determinati. Sono caratterizzati da un numero di quote predeterminato ed invariabile nel tempo. L'ammontare minimo di ogni singola quota è in genere elevato, in quanto si tratta di investimenti con un livello di rischio spesso elevato; fondi aperti . sono caratterizzati dalla variabilità del patrimonio (che può quindi di giorno in giorno aumentare o diminuire in funzione delle nuove sottoscrizioni o delle domande di rimborso delle quote in circolazione) e rappresentano la forma più diffusa di fondo. I fondi aperti vengono suddivisi, da un punto di vista giuridico, in fondi di diritto italiano armonizzati UE e fondi di diritto italiano non armonizzati UE.

La legge comunitaria prescrive una serie di vincoli sugli investimenti con l'obiettivo di contenere i rischi e salvaguardare i sottoscrittori, ad esempio: non possono investire più del 10% del patrimonio in strumenti finanziari di un singolo emittente, in altri fondi, prodotti derivati o titoli non quotati nei mercati regolamentati; non possono investire in strumenti derivati per la copertura dei rischi, per un ammontare totale che ecceda il valore netto del fondo. I fondi di diritto italiano non armonizzati UE sono invece i fondi istituiti col provvedimento della Banca d'Italia del 20/9/1999 e caratterizzati da una maggiore libertà di investimento del patrimonio raccolto. Ad essi, infatti, non vengono applicati i vincoli e le limitazioni previste dalla legge comunitaria per i fondi armonizzati. Fanno parte di questa tipologia di fondi i fondi speculativi (o hedge funds) e i fondi di fondi.

Gli hedge fund sono prodotti simili nella struttura ai fondi comuni di investimento. Rispetto a questi ultimi, si differenziano per la strategia di gestione adottata e per il numero di strumenti e tecniche a disposizione dei gestori.

Si distinguono dai fondi comuni tradizionali per i seguenti elementi:

personalità giuridica: gli hedge fund sui mercati internazionali assumono in linea di massima la struttura di fondi di investimento privati, nella forma, a seconda della sede legale, di partnership a responsabilità limitata (tipica dei fondi americani), società per azioni, fiduciaria, fondo comune; limitazione all'ingresso: la partecipazione al fondo è in genere riservata a investitori istituzionali, qualificati, o risparmiatori con disponibilità patrimoniali consistenti. Inizialmente, la soglia d'ingresso era stata stabilita in un milione di euro, in seguito ridotta a 500 mila. Non vi è più un numero massimo previsto di partecipanti (in Italia erano max 200 per fondo); *limitazione all'uscita: la particolarità delle tecniche di gestione utilizzate determina la necessità di mantenere stabile il patrimonio impiegato; spesso quindi gli hedge fund prevedono dei periodi di immobilizzo pari anche ad un anno e oltre. In aggiunta a questo occorre precisare che molti hedge fund forniscono una valorizzazione solo a livello mensile; strategie di investimento: gli hedge fund sono caratterizzati da una maggiore libertà nella scelta delle strategie di investimento da adottare. Ad esempio possono utilizzare: la leva finanziaria: il controvalore degli strumenti finanziari detenuti in portafoglio può essere superiore al patrimonio effettivamente disponibile, utilizzando l'indebitamento o l'investimento in strumenti derivati; le tecniche di arbitraggio, cioè le compravendita simultanea di titoli collegati per trarre vantaggio da una discrepanza di prezzi; vendite allo scoperto, cioè operazioni effettuate con titoli non posseduti, finalizzate a conseguire profitti o a coprirsi contro i ribassi del mercato. In pratica, la scommessa del gestore è che, dopo aver venduto i titoli, questi perdano valore. In questo modo, quando per concludere l'operazione dovrà riacquistarli, lo farà ad un prezzo inferiore, incassando quindi una plusvalenza.

Gli index fund sono fondi caratterizzati da una gestione sostanzialmente passiva, cioè una strategia di gestione che ha come unico obiettivo replicare la performance del mercato senza cercare di ottenere un extrarendimento.

Il vantaggio principale che offrono è il contenimento dei costi, che possono essere anche molto inferiori a quelli legati alla detenzione dei fondi cosiddetti "attivi". Tale differenza è dovuta ai minori costi di gestione.

Gli index fund vengono gestiti replicando la composizione dell'indice del mercato scelto (ad esempio un index fund sul mercato americano può replicare l'andamento dell'indice Dow Jones Industrial Average, etc.). L'indicizzazione può essere effettuata detenendo in portafoglio tutte le attività finanziarie appartenenti all'indice nella stessa proporzione (effettuando dunque movimenti solo quando vengono aggiunti o eliminati titoli dall'indice), oppure replicando l'indice con un numero inferiore di titoli utilizzando particolari tecniche di selezione del portafoglio per scegliere i titoli più appropriati.

Gli ETF (exchange traded fund)sono fondi indicizzati (index fund) quotati sui mercati regolamentari, in Italia sull'ETFplus, operativo da aprile 2007, negli Stati Uniti sull'Amex.

Dal punto di vista finanziario possono essere interpretati o come titoli azionari o come fondi comuni, a seconda che se ne vogliano enfatizzare le caratteristiche di titolo finanziario acquistato dall'investitore o di prodotto venduto.

La storia degli ETF risale alla metà degli anni ottanta, quando il mercato americano AMEX (American Stock Exchange) stava cercando di sopravvivere ad un ambiente competitivo a causa della presenza di mercati come il Nyse e il Nasdaq. L'inizio fu contrastato e incontrò poco seguito da parte dei risparmiatori. In seguito la situazione è cambiata e il prodotto sta diventando sempre più popolare, anche a causa di un mutato atteggiamento degli investitori verso la gestione passiva della ricchezza.

I principali vantaggi per gli investitori sono:

costi minori rispetto ai fondi indicizzati non quotati (in genere, i caricamenti di gestione annui oscillano tra 0,3% e 0,8%); possibilità di essere negoziati durante tutta la giornata di contrattazione come un normale titolo azionario.

I fondi comuni sono gestiti dalle società di gestione del risparmio (SGR), che si occupano della promozione, istituzione e gestione di fondi comuni di investimento. Le SGR fanno solitamente parte di un gruppo bancario o assicurativo e devono avere per legge la forma giuridica di Società per Azioni e capitale sociale superiore a 1 milione di Euro. Le SGR hanno inoltre nei confronti degli investitori l'obbligo di operare con diligenza, correttezza e trasparenza, riducendo il rischio di conflitti di interesse.

Rispetto alla gestione del risparmio "fai-da-te", l'obiettivo della Società di Gestione è quello di costruire portafogli per i fondi utilizzando specifiche leve gestionali: definizione dell'asset allocation strategica . cioè ripartizione del patrimonio fra diverse tipologie di titoli, aree geografiche e settori merceologici sulla base dei rendimenti attesi, del rischio e delle correlazioni tra le diverse asset class. Questa attività è vincolata dal regolamento del fondo: un fondo azionario Italia non potrà scegliere di puntare sul mercato americano, anche se il gestore ritiene che possa avere buone prospettive di crescita; definizione dell'asset allocation tattica: si tratta di aggiustamenti dell'asset allocation strategica di breve periodo, dettati da esigenze di mercato; stock picking: scelta dei titoli, all'interno delle diverse aree di investimento, da acquistare o vendere, sulla base dell'analisi fondamentale e dell'analisi tecnica. Nel caso dei fondi specializzati è questa l'attività determinante ai fini della performance; market timing: scelta del momento migliore per l'acquisto o la vendita dei titoli, cercando di anticipare i cambiamenti e di modificare il peso del portafoglio complessivamente destinato ad un certo mercato, in modo da ridurlo prima della diminuzione dei prezzi ed aumentarlo prima della loro crescita. Oltre alla SGR hanno un ruolo rilevante: la banca depositaria, l'intermediario che materialmente custodisce titoli e il denaro del fondo e, di conseguenza, dei risparmiatori. La banca depositaria, inoltre, verifica la legittimità delle operazioni disposte dalla SGR; il collocatore, cioè il soggetto che si occupa di "vendere" le quote del fondo presso i risparmiatori, solitamente una Banca o una Società di Intermediazione Mobiliare (SIM).

Vigilano sui fondi: la Consob (Commissione Nazionale per le Società e la Borsa) che vigila sulla correttezza dell'operato della SGR e dei soggetti incaricati del collocamento. Alla Consob, inoltre, è demandato il compito dell'approvazione dei "prospetti informativi" che devono essere consegnati ai risparmiatori interessati a sottoscrivere un fondo; la Banca d'Italia, che autorizza, sentita la Consob, l'attività alle SGR; approva il Regolamento di Gestione dei fondi comuni e vigila sull'operato delle Banche depositarie.

L'investimento in fondi non è un servizio esente da spese, ma richiede il pagamento di alcuni costi quale retribuzione dei diversi livelli dell'investimento. Tali costi possono essere divisi in due principali categorie: commissioni una tantum e commissioni ricorrenti. Le commissioni una tantum rientrano nelle scelte gestionali della Sgr, in quanto, contrariamente a quelle ricorrenti, non tutti i fondi le prevedono. Le cifre dei rendimenti pubblicate sono al netto delle commissioni ricorrenti, ma non incorporano le commissioni una tantum.

Commissioni una tantum

Sono usualmente applicate in sede di acquisto o di vendita di un fondo. Si tratta di un costo ammortizzabile nel corso degli anni, la cui incidenza pertanto decresce con la permanenza nel fondo. Le commissioni di sottoscrizione, solitamente previste in alternativa a quelle di vendita, costituiscono la remunerazione della rete di vendita. Sono calcolate come percentuale dell'investimento iniziale secondo un sistema a scaglioni che prevede percentuali più basse per versamenti più elevati e viceversa. I fondi che non le prevedono si definiscono "no load". La commissione una tantum più frequentemente applicata è la commissione di vendita, da preferire a quella di sottoscrizione sia perché si paga in un tempo successivo, sia perché viene spesso applicata con un sistema a tunnel: la commissione decresce fino ad annullarsi in funzione della permanenza nel fondo. I fondi che non prevedono costi né di entrata, né di uscita, vengono definiti "no load puri". Anche i trasferimenti di quote da un fondo a un altro della stessa società, i cosiddetti switch, implicano nella maggior parte dei casi, il pagamento di una commissione che può essere fissa o espressa come percentuale del capitale trasferito.

Le commissioni ricorrenti sono previste da tutti i fondi quale remunerazione dei diversi livelli di operatività di un fondo. Sono costi periodici che incidono direttamente sul risultato.

Commissioni di gestione

Sono quelle che retribuiscono la società di gestione per la sua attività di gestione e amministrazione del fondo. Variabili da fondo a fondo, esse vengono decurtate direttamente dal patrimonio del fondo.

Commissioni di incentivo

Si è ormai diffusa la prassi di prevedere, accanto alle commissione di gestione, una commissione detta di incentivo o performance, che spetta alla società di gestione nel caso in cui questa raggiunga rendimenti superiori a un parametro prestabilito. È dunque un premio che il sottoscrittore corrisponde al gestore calcolato sul rendimento differenziale del fondo rispetto all'indice di riferimento, ovvero al benchmark seguito dal fondo. Si tratta, tuttavia, di una prassi non esente da critiche e problemi, soprattutto per quanto riguarda la scelta del parametro di riferimento, spesso troppo facile da battere o poco significativo. Anche la contabilizzazione crea qualche perplessità: in particolare ci si chiede se anche in caso di perdite pregresse il gestore abbia comunque diritto al premio o se, al contrario, sia tenuto a recuperarle.

L'Expense Ratio (Indice di Spesa)

La maggior parte dei costi operativi legati alla gestione dei fondi è espressa con un indicatore, noto come Expense Ratio e specificato nel prospetto informativo. Esso è dato dal rapporto tra il totale degli oneri posti a carico del fondo ed il patrimonio medio dello stesso. Se per esempio il fondo ABC ha asset per 200 milioni di euro e ha costi per 4 milioni di euro, esso presenterà un Expense Ratio del 2%. Nel calcolo dell'Expense Ratio rientrano diverse voci di spesa, la maggiore delle quali è la commissione di gestione, cui seguono le spese amministrative che coprono i costi sostenuti per spedire i prospetti e i report annuali.

Costi di Brokeraggio

Sono i costi che un fondo sostiene per le transazioni di acquisto e vendita dei titoli. Non sono inclusi nell'Expense Ratio, ma elencati separatamente nel report annuale. Vi sono poi delle spese difficili da rilevare. Il costo di alcune transazioni, per esempio, è incluso nel prezzo del titolo. È un costo di trading, ma le società di gestione non lo riportano.

Inicio & gt; Archives > Tax Issues > Tax changes will affect only new stock options: Finance Minister Morneau

Tax changes will affect only new stock options: Finance Minister Morneau

In an earlier post. we highlighted that Canada’s newly-elected Liberal government plans to change the taxation of stock options by capping the available amount of the stock option deduction. At that time, few details had been made public with respect to the cap and many holders of vested stock options were considering the possibility of exercising them in order to lock in the current favourable tax treatment.

Today, in the course of delivering the Liberal government’s first fiscal update. Finance Minister Bill Morneau publicly announced that any changes that the Canadian government makes with respect to the tax treatment of stock options will grandfather existing options. Specifically, Mr. Morneau stated that “any decision we take on stock options will affect stock options issued from that date forward”, while “any stock options that have been issued prior to that date will be under that taxation regime that was in effect prior to that date.” We expect the date could be as early as the Throne Speech on December 4 or when the budget is released in early 2016. He added that this information “should relieve those Canadians who have that concern from taking actions that would be inappropriate.”

These public statements are a welcome and timely clarification for Canadian executives considering how to best address the government’s stated plans, including those who were contemplating the possibility of exercising their vested options before the end of the year.

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da Vinci Designs - Options and Additions

Most every component can be switched between our road and mountain tandems.

We now have Spinergy TX2 Tandems wheels in stock. Available with Black or White Spokes. *(Prices in parenthesis are for In-2-ition models because the "trade-in" value of the stock parts is lower)

WoundUp Carbon fiber fork White Industries Freewheels for ICS Cane Creek 110 Headset House of Kolor Kandy or Two color fade Paint job Option on 700c Tandems Enve Composites instead of WoundUp fork

Same as Package #1 With the addition of a front Disc Brake

Package #3 - $1195 *($1495)

Package #4 - $1320 *($1620)

Same as Package #1 with the addition of Rolf Prima or Spinergy Tandems Wheels. Option on 700c Tandems Enve Composites instead of WoundUp fork

Same as Package #3 With the addition of a front Disc Brake

Cranks - (The price in the first column is for In-2-ition Models, the second column is for Joint models.)

200mm, 180mm, 175mm, 172.5mm, 170mm, 167.5mm, 165mm, 160mm, 150mm, or 3hole 130/150/170mm

We use only the highest quality PPG and House of Kolor paint. All bikes are painted with primer, base coat and clear coat.

Standard Colors The colors on your computer may look nothing like the actual color but I thought I would give it a try.

Click on the color sample to enlarge photo

Midnight Blue - 5674 Dark metallic blue. We first saw this color on a Honda CRV and had to add it to our selection. Stratto Blue - HOK BC04 Bright metallic royal blue. Lapis Blue - HOK BC05 Lake Violet Pearl - HOK PBC63 Very pearlescent. It can look blue or blue/purple in different light. Passion Pearl - HOK PBC65 Very pearlescent. This color looks stunning faded with the Lake Violet Pearl. Pavo Purple - HOK BC10 Metallic purple. Blueblood - HOK SG105 Non metallic or pearl, just very very red. Tangelo - HOK PBC32 Pearlescent orange

Sunrise - HOK PBC30 Designo Green - 401131 Cosmic Green - 48929 This has been a very popular color. Metallic green found on certain VW's. Black - 9700 Black is beautiful. This is also the easiest color to match the touch up for bikes that will see the abuse of travel. White - HOK BC26 Snow White Pearl - HOK PBC44 Very pearlescent, almost metallic silver looking Orion Silver - HOK BC02 Bright metallic silver. This is the base color for all Kandy paint jobs. Champange - 5411 Titanium Silver - 350004 This was the closest match we could find to media blasted titanium.

House of Kolor Kandy

Kandy Oriental Blue - UK04 A brighter, deeper version of Stratto Blue. Kandy Colbalt Blue - UK05 Dark purple-ish blue that looks like it has been plugged in an oulet and lit up.

Custom Colors & Paint Jobs

None stock colors (most colors) - add

$60 ea Pearl added to clear coat - - - - - add $40 House of Kolor Kandy colors - - - - add $100 Two color fades - - - - - - - - - - add $100 Three color fades - - - - - - - - - add $150 Kameleon (Shade Shifter) - - - - - add $200 Flames or similar masking - - - - - add $250 +/-

Click here to see custom paint samples and Download. PDF files of frame outlines to design your own custom paint scheme Or go to our Facebook page to see many more custom paint jobs.

TASSABILI COME REDDITO DA LAVORO DIPENDENTE LE PLUSVALENZE DELLE STOCK OPTIONS (CASSAZIONE N. 11214 DEL 20 MAGGIO 2011)

Posted on 20/06/2011 by d. t.

Non scontano l’aliquota fissa del 12,5%, bensì quella progressiva a cui sono assoggettati i redditi da lavoro dipendente, le plusvalenze derivanti da stock option che un’impresa concede ai propri dirigenti. Per la Cassazione, si legge così nella sentenza, “ la differenza tra il valore” delle particolari “azioni” di cui al comma 2 bis “al momento dell’assegnazione e l’ammontare corrisposto dal dipendente” non concorre “a formare il reddito” del lavoratore dipendente sempre che (“a condizione che”) l’”ammontare” di essa “differenza” sia “almeno pari al valore delle azioni stesse alla data dell’offerta”….conseguentemente la “differenza” detta, se maggiore rispetto al “valore delle azioni… alla data dell’offerta”, concorre a “formare il reddito” da lavoro del dipendente ”.

Il testo integrale della sentenza: clicca

Ris. 23 marzo 2016, n. 15/E, dell’Agenzia delle entrate “L’articolo 16, comma 4-bis, del decreto 31 maggio 1999, n. 164, dispone che i sostituti d’imposta, al fine di effettuare le operazioni di conguaglio, hanno l’obbligo di ricevere in via telematica i dati contenuti nei modelli 730-4 dei propri dipendenti tramite i servizi telematici dell’Agenzia [. ]

Ris. 22 marzo 2016, n. 2/DF, del Ministero dell’economia e delle finanze “Pervengono numerosi quesiti da parte degli enti locali con cui si chiedono chiarimenti in ordine all’efficacia delle deliberazioni che non prevedono direttamente aumenti dei tributi ma si limitano a istituire a decorrere dal 1° gennaio 2016 un nuovo tributo quale l’imposta di soggiorno [. ]

Provv. dir. Agenzia entrate 23 marzo 2016, n. 43572 1. Proroga temporanea del termine per l’integrazione della documentazione 1.1 Limitatamente alle istanze di accordo preventivo presentate dalla data di pubblicazione del provvedimento del Direttore dell’Agenzia delle Entrate del 1° dicembre 2015, recante disposizioni concernenti l’accesso alla procedura di accordo preventivo connessa all’utilizzo di [. ]

Dott. Marta Proietti on marzo 22, 2016 in Dottrina. Prima.

Sommario: Premessa – 1. Il trattamento fiscale della cessione di energia prodotta da impianti fotovoltaici nella prassi nazionale. Una sintesi – 2. Il punto di vista della Corte di giustizia UE – 3. L’impatto della sentenza nell’ordinamento interno – 4. La strada percorribile: il c. d. regime di franchigia – 5. Nozione interna ed europea [. ]

La legge 15 dicembre 2014, n. 186, si è limitata ad innestare nella normativa in vigore, specificamente nel D. L. 28 giugno 1990, n. 167 sul monitoraggio fiscale (convertito, con modificazioni, dalla legge 4 agosto 1990, n. 227), gli artt. 5-quater, quinquies, sexties e septies, di efficacia circoscritta nel tempo, che si limitano [. ]

SOMMARIO: 1. Premessa. Il disorientamento in tema di elusione fiscale e abuso del diritto, anche per quanto riguarda i profili sanzionatori – 2. L’elusione tributaria e il rapporto con la dichiarazione, tra disposizioni sostanziali e disposizioni sul procedimento – 3. La declinazione procedimentale dell’art. 37-bis del D. P.R. norte. 600/1973 (e anche dell’art. 10-bis [. ]

Stock option estere: disciplina fiscale e dichiarativa

I soggetti possessori di stock option sono tenuti ad osservare particolare attenzione al regime fiscale di tassazione delle stesse, attraverso la corretta compilazione del modello Unico P. F. anche ai fini del monitoraggio fiscale delle attività estere.

Negli ultimi anni, soprattutto nei Paesi anglosassoni l’utilizzo degli strumenti finanziari a favore dei dipendenti ( stock option ) hanno assunto un ruolo centrale, soprattutto per la remunerazione dei dirigenti. Ad oggi, molte aziende multinazionali aventi una sede anche nel nostro Paese stanno iniziando ad attuare questa politica effettuando piani di retribuzione ed incentivazione dei dipendenti attraverso l’utilizzo di piani di fidelizzazione attraverso particolari strumenti finanziari.

La realtà aziendale internazionale si avvale maggiormente, rispetto alle società italiane, del sistema di integrazione della retribuzione basata sull’incentivazione. Uno degli strumenti che ha avuto maggiore diffusione in questo ambito è quello relativo alle stock option . attraverso le quali si cercano di ridurre i c. d. “costi di agenzia” dovuti alle problematiche tra management e azionisti a beneficio di un incremento del valore della società che si riflette sul prezzo delle azioni dell’emittente negoziate sui mercati regolamentati. Nel nostro ordinamento le stock option sono disciplinate dagli articoli 2349 (“Azioni e strumenti finanziari a favore dei prestatori di lavoro”) e 2441 (“Diritto di opzione”) del Codice Civile.

Le Stock Option e le Restricted Stock Units – Il termine stock option sta ad indicare uno strumento finanziario messo a disposizione dalla società a favore dei propri collaboratori, che permette loro di acquistare le azioni dell’impresa a una certa data e ad un prezzo stabilito. Questi strumenti sono finalizzati ad incentivare il management dell’azienda, in modo tale influenzare direttamente le performance aziendali. Il guadagno da parte del management consiste nell’esercitare il diritto di acquisto a prezzi più bassi dei corsi azionari così da ottenere un cospicuo capital gain grazie alla cessione delle azioni in un determinato periodo (c. d. “ vesting period “). Negli ultimi anni, considerata anche la crisi del mercato azionario, sono stati molto utilizzati, nei settori hi-tec e nelle start up . piani volti all’assegnazione di azioni a titolo gratuito con clausole sospensive, ovvero, le c. d. & # 8220; Restricted Stock Units “. In pratica, la società assegna gratuitamente ai propri dipendenti le Restricted Stock, che rappresentano azioni che non potranno essere vendute o trasferire sino ad una certa data. Al termine di questo periodo, i soggetti assegnatari, se risulteranno essere ancora dipendenti della società, potranno effettuare operazioni su tali azioni. Rispetto alle normali stock option le stock unit, mantengono sempre un certo valore garantito, a prescindere dall’andamento del titolo, ma non consentono l’assegnazione di dividendi.

La disciplina fiscale internazionale – La disciplina fiscale internazionale delle stock option e delle restricted stock unit è affrontata dal modello OCSE di Convenzione contro le doppie imposizioni. In pratica, sia che si tratti di strumenti che danno la possibilità di acquistare (stock option) o di ottenere la proprietà (stock unit), sulle azioni della società estera è necessario tenere distinti due momenti:

Vesting period – nel momento in cui gli strumenti finanziari vengono assegnati al lavoratore, e per tutto il periodo ricompreso nel regime vincolato, nel quale non è possibile effettuare operazioni sulle azioni, gli stessi strumenti devono essere considerati come fringe benefits per il lavoratore;

Esercizio dell’opzione – una volta che il dipendente ha esercitato il diritto di opzione (nelle stock option) o le ha vendute o alienate (nelle stock unit), trova applicazione l’articolo 13 del Modello di convenzione che individua il collaboratore dell’azienda come azionista, per cui le plusvalenze realizzate relative all’aumento di valore del titolo o alla vendita dello stesso, saranno considerate in qualità di capital gain .

La disciplina fiscale nazionale – Nel modello OCSE di Convenzione contro le doppie imposizioni viene stabilito che la tassazione fiscale di questi strumenti finanziari avviene nel Paese di residenza del soggetto alienante. In particolare gli obblighi dichiarativi riguardano questi tre aspetti:

il reddito di lavoro dipendente dovuto all’assegnazione di azioni o dall’esercizio di azioni;

i dividendi distribuiti a seguito delle azioni assegnate al dipendente;

le plusvalenze realizzate dalla successiva cessione delle azioni ricevute.

1. Reddito di lavoro dipendente dovuto all’assegnazione di azioni o dall’esercizio di azioni – Il comma 2, lettera g) dell’articolo 51 del Tuir afferma che le azioni assegnate al collaboratore dell’azienda costituiscono reddito da lavoro dipendente salvo il caso in cui si sia all’interno dei limiti che statuiscono l’esenzione da Irpef per le azioni:

azioni assegnate alla generalità dei dipendenti;

complessivamente di importo non superiore nel periodo d’imposta ad €. 2.065,83;

vincono di non cessione o riacquisto per 3 anni.

Inoltre, il comma 2-bis dell’articolo 51 del Tuir prevede l’esclusione dal reddito di lavoro dipendente per le stock option quando sussistono i seguenti requisiti:

l’opzione non è esercitabile prima di 3 anni dall’attribuzione dei titoli;

i titoli assegnati devono avere una quotazione nei mercati regolamentati;

i titoli devono essere mantenuti dal dipendente per almeno 5 anni dopo l’esercizio dell’opzione.

L’eventuale plusvalenza dalla cessione delle azioni ricevute sarà, ai sensi dell’articolo 68, comma 6 del Tuir, assoggettata a tassazione quale capital gain .

2. Dividendi distribuiti a seguito delle azioni assegnate al dipendente – I dipendenti che abbiano percepito redditi di capitale di fonte estera, quali dividendi . utili o interessi bancari, sono tenuti a dichiarare tali redditi nel Quadro RM (sezione V) del modello Unico P. F. Il regime di tassazione dei dividendi derivanti da partecipazioni non qualificate di fonte estera, prevede l’assoggettamento di tali redditi a ritenuta a titolo d’imposta con l’applicazione dell’aliquota pari al 26%.

3. Plusvalenze realizzate dalla cessione delle azioni – L’articolo 13, paragrafo 5 del modello OCSE, stabilisce che: “gli utili derivanti dall’alienazione di beni […] sono imponibili soltanto nello Stato del contraente di cui l’alienante è residente”. Questo significa che le plusvalenze realizzate dalla cessione di azioni derivanti da piani di stock option o di restricted stock unit sono imponibili in Italia qualora il soggetto alienante sia ivi residente. I dipendenti che abbiano realizzato, nel periodo d’imposta, plusvalenze derivanti da cessione di partecipazioni non qualificate, qualora non abbiano effettuato la scelta per l’applicazione del regime del risparmio gestito o amministrato . devono dichiarare tali plusvalenze nel modello Unico P. F. all’interno del Quadro RT . Con il regime del risparmio gestito o amministrato, invece, l’applicazione dell’imposta sostitutiva del 26% su ciascuna operazione viene effettuata da parte di un intermediario qualificato (Banca o Sim).

Gli adempimenti per il monitoraggio fiscale delle attività finanziarie estere – I dipendenti che durante il periodo d’imposta hanno detenuto attività finanziarie all’estero devono presentare il quadro RW del modello Unico P. F. ai fini del calcolo dell’Ivafe (Imposta sul valore delle attività finanziarie estere). L’Ivafe, attualmente prevede l’applicazione di un aliquota del 2 per mille sul valore delle attività finanziarie.

Nel caso di stock option l’Agenzia delle Entrate, con la circolare n. 45/E e con la risoluzione n. 73/E del 2014, ha chiarito che nel vesting period le stock option non devono essere inserite nel quadro RW, ma nel caso in cui vi siano diritti comunque cedibili, tale quadro deve essere compilato. Per maggiori informazioni vi rimando al seguente contributo: “ Le Stock Option Estere Nel Quadro RW: I Chiarimenti Dell’Agenzia “.

Gli adempimenti che gravano sui possessori di stock option – Considerato quanto appena detto possiamo brevemente riepilogare gli adempimenti dichiarativi che gravano sui soggetti possessori di stock option:

Quadro RT – Compilazione del quadro per dichiarare le plusvalenze derivanti dalla dalla differenza tra corrispettivo totale realizzato nell’esercizio del diritto di vendita e valore normale al momento dell’assegnazione dell’opzione;

Quadro RM – Compilazione del quadro per dichiarare i dividendi percepiti, soltanto nel caso in cui il soggetto decida di tenere le azioni, dopo l’esercizio dell’opzione, al termine del vesting period;

Quadro RW – Compilazione del quadro per dichiarare il possesso delle azioni e per effettuare il calcolo dell’Ivafe, ma solo nei seguenti casi:

il prezzo prefissato a cui esercitare l’opzione è inferiore al prezzo corrente;

risulta decorso il vesting period ;

i titoli o i diritti risultano cedibili.

Consulenza on-line

Il servizio di consulenza on-line è diretto a tutti coloro che necessitino di assistenza su di un caso o su un argomento specifico.

Dopo aver visionato i contenuti del blog, il lettore potrà richiedere una consulenza completa compilando ed inviando il form sottostante. In risposta, nelle 48 ore successive l'utente riceverà via mail il preventivo con l'indicazione dei tempi per l'invio della risposta, tenendo conto della complessità del quesito. Dopo aver consegnato via mail la ricevuta di pagamento, la risposta elaborata verrà consegnata entro 3 giorni lavorativi, qualora la stessa non presenti particolare complessità. La risposta sarà corredata dall'indicazione dei riferimenti normativi, di prassi, di giurisprudenza e di dottrina a supporto della risposta. Gli argomenti oggetto della consulenza sono:

Dichiarazione dei redditi di persone fisiche e società di capitali; Start up impresa e business plan; Regime forfettario, contabilità semplificata e ordinaria Aspetti legati ai contratti di locazione (cedolare secca, contratti a canone concordato, modello RLI);

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Day Trading Stock Markets

By Adam Milton. Day Trading Expert

Stock Market Description

Stock markets trade the shares of individual companies (such as Wal-mart, and British Telecom), and as there are many different companies, there are also many different stocks available for trading.

Stocks are traded via stock exchanges -- such as the New York Stock Exchange (NYSE) in the US, and the London Stock Exchange (LSE) in Europe -- and the same stock is often traded on several different exchanges at the same time.

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Most day trading brokerages allow traders to choose an exchange, or to have their order automatically routed to the exchange that offers the best available price at the time (Interactive Brokers ' automatic routing is known as IB SMART).

The type of trading that most people are familiar with, is buying stock, waiting for its value to increase, and then selling the stock to take their profit (known as buy and hold trading). Day traders also want to make a profit when a stock's value is decreasing, so they need to be able to sell a stock, wait for its value to decrease, and then buy the stock back at a lower price (known as shorting a stock).

Approximately 50% of stocks can be shorted (sold first), with the remaining stocks only available for long trades (buying first), because their liquidity (number of shares available) is too low to support shorting.

Stock markets trade the actual stocks (rather than contracts ), but they still have contract specifications that provide the information that is needed to trade each stock. This information includes the stock symbol (such as MMM for 3M), the available exchanges (such as the NYSE, and PHLX (Philadelphia Stock Exchange)), the minimum price movement (usually 0.01), and the order size increment (usually 100 shares).

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Suitability for Day Trading

Stock markets offer a wide variety of choice (many different companies), and many stocks can be traded both long (buying first) and short (selling first). The margin requirements for stock markets vary depending upon the current value of the stock. As an example, Interactive Brokers' margin requirements for a stock with a current value of $100 would be :

Initial and Maintenance Margin - Long. $2,500 (25% of the trade's value) / Short. $3,000 (30% of the trade's value)

Overnight Maintenance Margin - $5,000 (50% of the trade's value)

In general, stock markets are a good choice for day trading, but there is a big problem with stock markets that makes them not suitable for beginning day traders. The US SEC (Securities and Exchange Commission) has placed restrictions on the day trading of US stocks, by requiring that day traders deposit at least $25,000 in cash or securities (stock, options, futures contracts) with their brokerage. This means that beginning day traders need to have at least $25,000 in their day trading account if they want to day trade US stock markets. Further information is available in the day trading restrictions article. Note that these restrictions only apply to US stock markets, and do not apply to European and Asian stock markets, so European and Asian stock markets are suitable for beginning day traders.

In conclusion, if you have enough equity (cash, stocks, options, and futures contracts) in your day trading account, stock markets would be a good choice for day trading. If you do decide to day trade the stock markets, make sure that you choose stocks that have high enough volume (number of shares traded) and volatility (range of movement) to meet your trading systems requirements.

Day Trading Restrictions on US Stocks

Il record di Pinchai di Google 199 milioni in stock option

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Sundar Pichai l uomo da 199 milioni di dollari E la cosa che risalta ··· milioni sono quelli appena ricevuti in stock option come chief executive di Google la principale societ di Alphabet e con una ··· durissima E 199 milioni di dollari di stock option sono probabilmente un valido argomento per trattenerli D altra parte

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Nel 2014 il gettito tributario complessivo ha toccato i 486 6 miliardi di euro ··· Tassa sulle concessioni regionali 95 Tassazione addizionale stock option settore finanziario 96 Tasse e contributi universitari

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Roma 7 novembre 2015 Gli italiani oberati dalle tasse Niente di pi vero ··· Tassa sulle concessioni regionali 95 Tassazione addizionale stock option settore finanziario 96 Tasse e contributi

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Bologna 26 settembre 2015 Cosa significa lavorare per una startup Come ··· vendita hanno visto le loro stock option ossia le azioni date ai prestatori di lavoro raggiungere valori da capogiro

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Farsi assumere in queste societ vuol dire avere potenzialmente l opportunit ··· di negoziare un dicreto pacchetto di stock option non escloso che nel giro di quattro anni si passa diventare milionari Ma a

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Deutsche Bank ha chiuso la giornata in calo del 7 23 Barclays ha perso il 6 28 ··· di sterline a compensazione delle stock option a cui dovr rinunciare uscendo da Morgan Stanley non ha perso tempo e ha gi

cronaca | Correlate |

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Fabrizio Boschi Pi che una fuga questa una vera e propria emorragia di ··· Nel 2014 tra retribuzione fissa stock option e altre voci ha incassato la bellezza di 27 milioni di dollari 22 milioni di euro ··· nel 2011 con la sola vendita di alcune stock option ha guadagnato 18 milioni di euro Guerrino De Luca ceo in Logitech gigante

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Investire l intero stipendio di un anno in una volta sola senza dubbio una ··· soprattutto grazie all assegnazione di stock option legati alle performance Si tratta del maggior investimento effettuato dal

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Tiscali e la filiale italiana di Huawei Technologies hanno firmato un ··· a supportare il piano di stock option 2015 2019 e il cosiddetto finanziamento Rigensis Per gli analisti di Banca Akros rating

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Sergio Marchionne amministratore delegato di Fiat Chrysler lo scorso anno ha ··· aveva fatto il pieno di premi e stock option The post Fiat Chrysler nel 2015 a Marchionne 10 milioni di stipendio L anno

politica | Correlate |

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D Sto per costituire una start up innovativa ed avrei piacere di chiarire ··· di partecipazione al capitale stock option o work for equity Disciplina del lavoro tagliata su misura assunzione del

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I vertici di Banca Etruria tra i quali anche il vicepresidente di fresca nomina ··· strumenti finanziari come ad esempio stock option Per il 2014 non previsto di attivare alcun sistema di incentivazione

11 Novembre 2010

LVMH: Antonio Belloni intasca una plusvalenza di 18 milioni di euro sulle sue stock-options

PARIGI, 10 nov 2010 – Il vicedirettore generale di LVMH Antonio Belloni ha incassato una plusvalenza di quasi 18 milioni di euro dopo aver rivenduto delle azioni acquisite grazie alle sue stock-options . secondo quanto riportato da documenti pubblicati dall'Autorità francese dei Mercati Finanziari (AMF).

Antonio Belloni, il numero 2 di LVMH, si è messo in tasca una plusvalenza di 18 milioni di euro. Foto. AFP.

Il 26 ottobre, Belloni ha esercitato delle stock-options legittimamente attribuitegli dal gruppo francese suo datore di lavoro, che gli hanno permesso di acquisire 200.000 azioni del gruppo del lusso LVMH al prezzo di 37 euro per azione. Ha poi acquisito altre 50.000 azioni al prezzo di 61,77 euro per azione, sempre grazie alle sue stock-options .

Lo stesso giorno, il dirigente ha rivenduto l'insieme di queste azioni al prezzo di 112,35 euro per un'azione, vale a dire ad un prezzo da due a tre volte più caro rispetto a quello al quale le aveva acquisite.

Nella transazione, Belloni si è così assicurato 17,6 milioni di euro di plusvalore in un solo giorno, secondo i documenti dell'AMF, resi pubblici domenica scorsa dal quotidiano “Le Parisien”.

Il vicedirettore generale di LVMH ha in effetti acquisito le 250.000 azioni della sua società al prezzo di 10,49 milioni di euro, per rivenderle a 28,09 milioni di euro.

Le stock-options sono delle opzioni d'acquisto di azioni a un prezzo fissato al momento della loro attribuzione ai dipendenti o agli amministratori di una società, e costituiscono quindi un modo diverso o ulteriore per retribuirli. In seguito, queste azioni possono essere rivendute. Se il loro corso in Borsa è superiore a quello al quale il detentore di stock-options ha acquisito le sue azioni, quest'ultimo s'intasca un plusvalore.

Come già indicato da FashionMag. com (Newsletter n° 480), Antonio Belloni, 55 anni, è al primo posto della classifica dei 10 dirigenti d'azienda più pagati in Francia nel 2009, secondo il sito internet www. remunerationsdesdirigeants. com . Belloni, 55 anni, ha percepito una remunerazione totale nel 2009 di 5,428 milioni di euro come numero 2 di LVMH.

Estremamente riservato, il dirigente italiano è arrivato in LVMH 8 anni fa, dopo aver trascorso 22 anni da Procter & Gamble, ed è considerato come colui il quale è riuscito a risanare le profumerie Sephora e il Bon Marché, il grande magazzino del lusso parigino.

Versione italiana di Gianluca Bolelli; fonte: AFP

Notizie

Le ultime decisioni fiscali sui piani di stock option

Una delle ultime sentenze della Corte di Cassazione ha riguardato da vicino il tema relativo alle stock option. secondo i giudici di Piazza Cavour . infatti, c’è bisogno di una distinzione dei momenti in questione, vale a dire quello in cui si assegna il diritto di opzione e quello in cui si verifica l’esercizio stesso . Questa decisione è motivata col fatto che le azioni sottostanti diventano parte del patrimonio del dipendente quando l’opzione viene esercitata oppure ceduta, di conseguenza la disciplina che bisogna applicare è quella in vigore al momento dell’esercizio .

La pronuncia degli “ermellini” si è resa necessaria alla luce di una vicenda che ha visto coinvolto un contribuente, il quale ha presentato appello contro una sentenza della Commissione Tributaria Provinciale di Milano . Tutto è nato da una istanza di rimborso di ritenute Irpef . Entrando maggiormente nel dettaglio, il datore di lavoro avrebbe operato la ritenuta sulla plusvalenza in maniera indebita. Secondo la stessa Ctp lombarda, inoltre, era impossibile applicare il regime normativo relativo alle assegnazioni di titoli avvenute prima del 1° gennaio del 1998 .

La sentenza in questione non è affatto piaciuta alla nostra amministrazione finanziaria, tanto che si è arrivati proprio al ricorso per Cassazione . I piani di stock option non sono altro che l’attribuzione ai dipendenti delle società di un diritto di opzione che non può essere ceduto a soggetti terzi, in modo da avere la possibilità di acquistare i titoli azionari a un prezzi che non sia inferiore a quello di mercato al momento dell’offerta . La Suprema Corte ha dato ragione all’Agenzia delle Entrate. In pratica, i regimi relativi all’esercizio del diritto di opzione su stock option assegnate ai dipendenti sono diversi. Il primo prevede che le plusvalenze stesse siano tassate in base all’esistenza di un costo specifico . mentre un altro stabilisce che il presupposto deve essere rimosso per avere un nuovo regime di tassazione.

Simone . 25 agosto 2012

La Tassazione delle plusvalenze da cessione di partecipazioni non qualificate, valori mobiliari e opzioni.

OBBLIGHI TRIBUTARI PER I SOGGETTI RESIDENTI FISCALI IN ITALIA IN TEMA DI Tassazione delle plusvalenze da cessione di partecipazioni non qualificate, valori mobiliari e opzioni Oggetto di questo lavoro. è il trattamento fiscale delle partecipazioni non qualificate, per chi ha residenza fiscale in Italia. Deve innanzitutto premettersi, al fine di liberare la mente da ogni equivoco, che possa fuorviare il destinatario delle presente informazione, che, anche le plusvalenze – o capital gain – su titoli o su beni esteri, si considerano prodotte in Italia, indipendentemente dalla nazionalità dell’intermediario o dell’ente o società che ha emesso le azioni o i titoli e pertanto il capital gain su partecipazioni o beni esteri, va sempre dichiarato nel Modello Unico (a parte le ipotesi di opzione per il regime del risparmio amministrato o gestito, sotto specificate).

Deve inoltre precisarsi, sempre con il fine di dare, prima di ogni altra indicazione tecnica, delle chiare linee di demarcazione mentale, che non è previsto un diverso trattamento fiscale per la contrattazione continua, fatto salvo quanto di seguito si dirà rispetto al trattamento del risparmio gestito o amministrato. Ai fini del presente parere, per attività finanziarie, si intendono le attività da cui derivano redditi di capitale o redditi diversi di natura finanziaria di fonte italiana o estera, come depositi e conti correnti bancari costituiti all’estero; conto correnti valutari, partecipazioni al capitale o al patrimonio di soggetti non residenti; obbligazioni estere e titoli similari; stock option; ecc. Si accenna appena al fatto, che le plusvalenze realizzate da soggetti residenti all’estero derivanti da cessioni di azioni negoziate in mercati regolamentati, non si considerano prodotte nel territorio dello Stato italiano, e dunque non sono tassabili in Italia, ma nello Stato di residenza fiscale. I soggetti non residenti sono tassati in Italia per i redditi diversi derivanti da beni che si trovano, o da attività svolte, in Italia. L’art 23 del TUIR prevede però che per tali soggetti non sono imponibili i redditi delle lettere da c-bis) a c-quinquies) art 67 TUIR derivanti da partecipazioni, titoli o contratti negoziati in mercati regolamentati o da cessione e prelievo di valute. È inoltre previsto, per evitare doppie imposizioni, che gli stessi redditi previsti dalle lettere da c-bis) a c-quinquies) dell’art. 67 TUIR non sono imponibili per i soggetti residenti in Stati esteri con cui siano in vigore convenzioni e che non risiedono in Stati o territori a regime fiscale privilegiato, nonché per gli enti od organismi internazionali costituiti in base ad accordi internazionali esecutivi in Italia (art. 5, comma 5, D. Lgs. 461/1997). Le partecipazioni in società ed enti non residenti, così come altri strumenti finanziari, come ad esempio le obbligazioni e i titoli di Stato, permettono di conseguire capital gains, – oltre che alla remunerazione specifica come dividendi o interessi – nel caso in cui il prezzo di mercato al momento della vendita sia più alto rispetto a quello di acquisto. Sul capital gain, grava un’imposta che va pagata secondo le modalità dei diversi regimi di risparmio: regime della dichiarazione, regime del risparmio amministrato, regime del risparmio gestito. Sinteticamente si può dire – relativamente alle partecipazioni – che nel regime della dichiarazione si provvede personalmente a svolgere gli adempimenti fiscali compilando il Modello Unico, nel regime del risparmio amministrato si delegano gli adempimenti fiscali all’intermediario finanziario, così come nel regime del risparmio gestito. In tutti e tre i casi la minusvalenza è compensabile solo nei quattro periodi d’imposta successivi e le minusvalenze possono essere compensate esclusivamente con plusvalenze della stessa natura.

OBBLIGHI DICHIARATIVI E MODELLO UNICO

Quanto agli obblighi dichiarativi per la persona fisica residente in regime amministrato, andrà compilato il quadro RM del Modello Unico relativo agli investimenti finanziari esteri. In regime dichiarativo oltre alla compilazione del quadro RM andrà compilato anche il quadro RT dove andranno indicate le plusvalenze (o capital gain). Nel caso di investimenti esteri – come lo sono evidentemente tutti i prodotti da cui si può ricavare un capital gain -. andrà necessariamente compilato il modello RW. I contribuenti residenti fiscalmente in Italia devono dichiarare nel quadro RW le attività patrimoniali e finanziarie detenute all’estero nel corso del periodo d’imposta, anche in caso di disinvestimento effettuato prima del termine del periodo d’imposta stesso, suscettibili di produrre reddito imponibile in Italia, indipendentemente dall’effettiva produzione di reddito nel periodo d’imposta. In pratica, con la compilazione del quadro RW il Fisco monitora gli investimenti esteri effettuati dai contribuenti residenti. L’articolo 2, comma 4-bis del D. L. norte. 4/2014, convertito in Legge n. 50/2014 ha previsto che l’obbligo di monitoraggio per le attività finanziarie detenute all’estero non sussista per i depositi e i conti correnti bancari costituiti all’estero il cui valore massimo complessivo raggiunto nel periodo d’imposta non sia superiore a euro 10.000. Deve essere però segnalato che il limite in questione è stato elevato sino alla soglia di euro 15.000 dalla Legge n. 186/2014. Tuttavia, ai soli fini della compilazione del quadro RW per il periodo d’imposta 2014 vale ancora il precedente riferimento fermo restando che l’obbligo di compilazione del quadro RW sussiste comunque laddove lo stesso sia obbligatorio ai fini del calcolo dell’IVAFE, e cioè nel caso in cui la consistenza media sia superiore a euro 5.000,00. Di conseguenza, come avvenuto anche lo scorso anno, la compilazione del quadro RW potrebbe portare ad alcune situazioni particolari, come ad esempio: • conto corrente estero con giacenza media maggiore di euro 5.000 ma che, nel corso dell’anno, non ha superato come valore massimo i 10.000 euro. Il quadro RW andrà compilato esclusivamente ai fini IVAFE; • conto corrente estero con giacenza media inferiore a euro 5.000 ma che, come valore massimo, ha superato i 10.000 euro. Il quadro RW deve essere compilato soltanto ai fini del monitoraggio fiscale. Per i soggetti che detengono attività gestite da intermediari finanziari non residenti devono essere compilati il quadro RL, per indicare i redditi di capitale dei fondi comuni d’investimento mobiliari diversi da quelli istituti in Stati diversi da quelli UE o SEE White List il cui gestore sia vigilato nello Stato in cui è stabilito.

DISTINZIONE TRA PARTECIPAZIONI QUALIFICATE E NON QUALIFICATE

Le partecipazioni qualificate, che non sono oggetto del presente pare, se non per quanto necessario alla definizione delle partecipazioni non qualificate, sono individuate dall’art. 67, lett. c) del TUIR e sono le partecipazioni rappresentate da azioni (ad eccezione quelle di risparmio non convertibili e incluse quelle privilegiate) e ogni altra partecipazione in società di persone (escluse le associazioni professionali) e in società di capitali o enti commerciali residenti, o in società o enti non residenti (compresi gli enti non commerciali e le associazioni tra artisti o professionisti), che rappresentano una percentuale di diritti di voto in assemblea ordinaria superiore al 2% per titoli quotati in mercati regolamentati, italiani o esteri; 20% per le altre partecipazioni; oppure una partecipazione al capitale sociale superiore al: 5% – per i titoli quotati in mercati regolamentati, italiani o esteri – 25% per le altre partecipazioni. Se uno dei parametri è superato la partecipazione si considera qualificata. Tali percentuali si determinano considerando tutte le cessioni effettuate, anche a soggetti diversi, nel periodo di 12 mesi, antecedenti alla data di ciascuna cessione, e a condizione che il venditore abbia posseduto almeno per un giorno partecipazioni, diritti o titoli che raggiungano la consistenze qui indicate quali partecipazioni qualificate; sono invece escluse le partecipazioni in enti non commerciali residenti, che sono considerate non qualificate indipendentemente dalla quota posseduta (lett. c-bis); per le società di persone e gli enti privi dell’organo assembleare vale solo il 2° limite sopra indicato. Analogamente le cessioni di diritti e i titoli attraverso cui possono essere acquisite partecipazioni, quali per esempio i diritti d’opzione o i warrant, si considerano qualificati se consentono di acquisire partecipazioni qualificate.

CALCOLO DEL CAPITAL GAIN Per gli strumenti finanziari, si pagano le imposte così come indicato nella Tabella “A”. Per gli strumenti finanziari e le partecipazioni, la plusvalenza si calcola in base alla differenza tra il corrispettivo percepito e il costo di acquisto, aumentato degli oneri accessori, comprese le imposte di donazione o successione, ma esclusi gli interessi passivi. Per gli strumenti finanziari e le partecipazioni, pervenuti al cedente per successione, il costo di acquisto è il valore dichiarato ai fini della successione, mentre per i titoli esenti è il valore normale alla stessa data. Per le donazioni il costo da considerare è quello di acquisto sostenuto dal donante. Per la tassazione delle plusvalenze realizzate dalle persone fisiche non imprenditori vige il criterio di cassa, anche se l’imponibile si determina con riferimento alle disposizioni vigenti alla data dell’atto di trasferimento. Per il calcolo del capital gain si utilizza il cambio del giorno di liquidazione delle operazioni. Il valore normale alla data del prelievo delle valute estere da conti o depositi costituisce il corrispettivo su cui calcolare la plusvalenza, mentre il costo, se non documentato, è quello risultante dal minore dei cambi mensili accertato nel periodo d’imposta. Il capital gain da depositi o conti correnti in valuta costituisce reddito solo se l’importo dei depositi è stato maggiore o uguale ad euro 51.645,68 per almeno 7 giorni lavorativi consecutivi nell’anno. Per le partecipazioni in società di persone e in società IRES che adottano il regime di trasparenza fiscale ex art. 115, comma. 12 TUIR, il costo di acquisto è aumentato dai redditi imputati al socio e diminuito dalle perdite imputate e dagli utili distribuiti e questo anche per le società di persone con attività immobiliare o finanziaria. Il l costo della partecipazione comprende anche i versamenti in conto capitale, nonché la rinuncia ai finanziamenti soci effettuati a favore della società. Devono essere detratti dal costo delle partecipazioni rimborsi di riserve di capitale di cui all’art. 47, comma. 5, che non danno origine a redditi di capitale. Nell’ipotesi dell’usufrutto e della nuda proprietà, per calcolare il valore dell’usufrutto e della nuda proprietà sono utilizzabili i noti criteri previsti dall’imposta di registro ex artt. 46 e 48, D. P.R. 26.4.1986, n. 131. L’art. 67, lett. c-ter TUIR prevede che le plusvalenze realizzate mediante la cessione o il rimborso di titoli. non rappresentativi di merci, di certificati di massa. di valute estere. di metalli preziosi grezzi (esclusi quelli lavorati, come pera es. i gioielli), o di quote di partecipazione in organismi di investimento collettivo, si calcolano facendo la differenza tra prezzo di cessione (o valore normale dei beni rimborsati) e il costo di acquisto comprensivo degli oneri accessori (esclusi gli interessi passivi), comprese le somme percepite al rimborso o alla chiusura del rapporto. Le plusvalenze derivanti da cessione o rimborso di quote o azioni di Oicvm italiani e lussemburghesi si calcolano facendo la differenza tra corrispettivo ricevuto e costo di acquisto, eventualmente rettificato dalla differenza già tassata per competenza al 30.6.2011, e quello alla data di acquisto. L'art. 67, lett. c-quater TUIR prevede che: i redditi derivanti da contratti, compresi i contratti derivati, che prevedono l’ obbligo di acquistare o cedere a termine valute. strumenti finanziari. metalli preziosi. merci o altri parametri finanziari, consistono nella somma algebrica delle eventuali plusvalenze o minusvalenze, determinate come per le partecipazioni societarie, tenuto conto anche degli altri proventi o costi relativi, compreso quanto percepito al rimborso o alla chiusura del rapporto. La plusvalenza per le cessioni di metalli preziosi, se il costo di acquisto non è documentato, è il 25% del prezzo di vendita.

I premi pagati o riscossi su opzioni sono considerati reddito nell’anno in cui l’opzione è esercitata o in cui scade il termine per l’esercizio, esclusa l’ipotesi di anticipata cessione. Sono compresi anche i redditi conseguiti con gli Exchange traded commodities – conosciuti come ETC. L'art. 67, lett. c-quinquies TUIR prevede che i capital gain e gli altri redditi derivanti: · dalla cessione o chiusura di rapporti produttivi di redditi di capitale · dalla cessione di crediti pecuniari , · dalla cessione di altri strumenti finanziari costituiscono reddito calcolato in base alla differenza tra corrispettivo o valore normale ricevuto e i costi di acquisto e accessori sostenuti (esclusi gli interessi passivi), aumentata delle eventuali somme percepite al rimborso o alla chiusura del rapporto. Dal capital gain bisogna togliere i redditi di capitale maturati ma non riscossi, in quanto, come detto, vige il criterio di cassa. Le plusvalenze, sia relative a beni diversi dalle partecipazioni, che relative a partecipazioni – qualificate o non qualificate – devono essere indicate nel Modello Unico (ad esclusione delle partecipazioni e titoli per i quali si è optato per il regime del risparmio amministrato o del risparmio gestito)) e l’imposta va versata entro il termine previsto per il saldo dell’IRPEF. Le plusvalenze delle lett. c-bis), c-ter), c-quater) e c-quinquies) devono essere sommate e dichiarate complessivamente. È prevista la possibilità di riporto e compensazione delle perdite (o minusvalenze) nei successivi 4 anni. distintamente e separatamente per le partecipazioni qualificate e non qualificate, purché la minusvalenza risulti dal Modello Unico relativo all’anno in cui si è realizzata. Per le partecipazioni qualificate, il riporto dell’eccedenza negativa è limitato al 40% o al 49,72% – a seconda del periodo di maturazione Il riporto dell’eccedenza negativa deve avvenire separatamente per plusvalenze da cessione di partecipazioni qualificate, plusvalenze da cessione di partecipazioni non qualificate, plusvalenze da cessione di partecipazioni in società aventi sede nei Paesi o territori compresi nella Balck List di cui al comma 4 dell’art. 68, TUIR.

BALCK LIST È prevista la tassazione del 100% delle plusvalenze di partecipazioni qualificate relative a partecipazioni in società residenti in Stati o territori a fiscalità privilegiata, salva disapplicazione a seguito di interpello preventivo (TUIR artt. 68, comma. 4, e 167) nel quale sia stata dimostrata che per i redditi di queste società partecipate la tassazione è avvenuta in forma non ridotta. La cessione della partecipazione ricevuta in base a conferimento in sospensione, costituisce reddito diverso, imponibile al 49,72% in presenza delle condizioni previste dall’art. 68, comma. 3, TUIR, cioè partecipazione qualificata in società non residente nei Paesi della Balck List.

REGIME DEL RISPARMIO AMMINISTRATO Non devono essere dichiarate nel modello Unico le plusvalenze non qualificate relative a titoli, quote, diritti certificati in custodia o amministrazione presso banche o altri soggetti autorizzati per i quali è stata esercitata l’opzione per l’applicazione dell’imposta sostitutiva da parte degli intermediari, separatamente su ciascuna operazione.

L'art. 6. D. Lgs. 461/1997 prevede che le persone fisiche che non operano in qualità di imprenditori commerciali; le società semplici ed equiparate; gli enti non commerciali; i soggetti non residenti, per i redditi soggetti ex art. 23 TUIR, possono optare per il regime del risparmio amministrato. ossia per l’applicazione dell’ imposta sostitutiva su ciascuna operazione effettuata da parte di un intermediario abilitato relativamente ai titoli, quote, certificati in custodia o in amministrazione presso lo stesso intermediario, relativamente alle operazioni indicate alle lettere da c-bis a c-ter (escluse le cessioni di valute) dell’art. 67 TUIR. L’intermediario può portare in deduzione dalle plusvalenze e altri redditi delle operazioni successive le eventuali minusvalenze o perdite precedenti, nel periodo d’imposta o nei 4 successivi. L’opzione può essere esercitata all’inizio del rapporto. Se è fatta successivamente ha efficacia per l’anno successivo rispetto a quello in corso il regime del risparmio amministrato non può essere applicato se il socio supera il limite delle partecipazioni qualificate L’opzione può essere revocata entro la fine di ciascun periodo d’imposta.

REGIME DEL RISPARMIO GESTITO Chi ha affidato l’incarico di gestione di tutto o parte del proprio patrimonio mobiliare ad un intermediario autorizzato può optare per alcuni redditi di capitale di cui all’art. 44 TUIR conseguiti nella gestione e per i redditi diversi di cui alle lettere da c-bis) a c-quinquies) dell’art. 67, per il regime del risparmio gestito, ossia per l’applicazione dell’imposta sostitutiva del 20% sul risultato netto maturato dalla gestione, imposta che viene versata dall’intermediario senza alcun obbligo di dichiarazione per il titolare nel proprio modello Unico. Per l’ opzione e la revoca dell’opzione le regole sono analoghe a quelle indicate per il risparmio amministrato Se il risultato della gestione di un anno è negativo, la perdita può essere scomputata dai risultati successivi, fino al 4°. Se la gestione chiude con una perdita non compensata, con la certificazione del gestore si può utilizzarla nel modello Unico per compensarla con altre plusvalenze del gruppo di redditi indicati nelle lettere da c-bis) a c-quinquies) dell’art. 67 TUIR. L’imposta sostitutiva è calcolata alla fine di ciascun anno o alla fine del rapporto di gestione.

REGIME DELLA DICHIARAZIONE Nel regime della dichiarazione il calcolo della plusvalenza, o capital gain, si fa ricostruendo la movimentazione del portafoglio secondo il metodo LIFO. Sottolineo che la normativa sul Capital gain prevede un conteggio analitico e dettagliato per il calcolo della plusvalenza da dichiarare sui titoli esteri: bisogna tenere conto dell’ordine delle operazioni e delle quantita’ di ogni lotto, con prezzo di acquisto al cambio del giorno successivo. La plusvalenza o la minusvalenza vanno conteggiate in base al LIFO continuo. Una minusvalenza si può compensare con plusvalenze derivanti dalla chiusura di un rapporto amministrato o gestito. La compensazione di minusvalenze e plusvalenze è possibile, nel modello Unico, solo tra posizioni in regime dichiarativo. In regime amministrato, o gestito, l’intermediario rilascia una certificazione delle plus/minusvalenze, o del risultato di gestione maturati nel corso del rapporto. Con tale certificazione, si possono riportare le minusvalenze nella dichiarazione dei redditi per compensare le plusvalenze derivanti da rapporti in regime dichiarativo. Non è possibile compensare le minusvalenze di un rapporto amministrato con le plusvalenze di un altro rapporto gestito. Può essere utile richiedere il passaggio dal regime amministrato al regime dichiarativo: le minusvalenze certificate verranno indicate nel modello unico e sarà possibile compensarle con le plusvalenze già maturate o successivamente maturate in regime dichiarativo.

LA TASSAZIONE DEL CAPITAL GAIN PER LE IMPRESE Quanto sopra indicato non si applica per le imprese e le società per le quali i capital gains sono considerati plusvalenze tassabili in base all’art. 86 TUIR Senza entrare nel merito della normativa specifica e della cosiddetta partecipation exemption, in presenza di determinati requisiti, l’art. 87 TUIR per le imprese esclude la tassazione delle plusvalenze da cessione di partecipazioni azionarie e titoli similari. Connessa a tale esenzione, è prevista la totale indeducibilità delle minusvalenze da cessioni di partecipazioni e titoli per i quali è prevista l’esenzione delle plusvalenze.

El. En vende azioni Cynosure, plusvalenza da 4,5 mln euro

MILANO, 21 marzo (Reuters) - El. En ha venduto in blocco 1,1 milioni di azioni della società Usa Cynosure a 29,15 dollari per azione per un controvalore di 32 milioni di dollari.

L'operazione, che - dice una nota - non altera in alcun modo i rapporti commerciali tra le due società , ha generato una plusvalenza di circa 4,5 milioni di euro.

Il gruppo attivo nel settore laser ha anche raggiunto un accordo con Palomar, oggi parte di Cynosure, per chiudere una disputa pluriennale su alcuni brevetti. La transazione comporterà la corresponsione di 630.000 euro più spese legali, a fronte di fondi accantonati dal 2004 per 2,1 milioni di euro.

I clienti Reuters possono leggere il comunicato integrale cliccando su

Sul sito www. reuters. it altre notizie Reuters in italiano. Le top news anche su www. twitter. com/reuters_italia

&dupdo; Thomson Reuters 2016 Tutti i diritti assegna a Reuters.

Plusvalenza da cessione-leaseback di immobili, paletti da Consob

MILANO, 27 dicembre (Reuters) - Interpellata da un gruppo bancario sulla possibilità di contabilizzare nel bilancio consolidato la plusvalenza derivante da una complessa operazione di valorizzazione degli immobili strumentali del gruppo, la Consob ha posto una serie di paletti in un parere pubblicato nella newsletter settimanale.

Consob descrive in dettaglio l'operazione, la cui dinamica appare riconducibile a quella messa in atto dal gruppo Montepaschi (BMPS. MI: Quotazione ), spiegando che gli immobili sono stati ceduti a un consorzio di nuova costituzione che ha finanziato l'acquisto con una cartolarizzazione di un mutuo ipotecario concesso dal gruppo cedente, il quale ha inoltre stipulato contratti di affitto con il consorzio per mantenere l'utilizzo degli immobili.

Per consentire la contabilizzazione della plusvalenza la Commissione ha invitato preliminarmente gli amministratori della società a verificare che i contratti di locazione stipulati siano di leasing operativo non finanziario, che non siano ravvisabili ipotesi di controllo da parte del gruppo bancario sul consorzio acquirente e che la cartolarizzazione soddisfi i requisiti per la 'derecognition'.

La derecognition è la cancellazione contabile di attività o passività finanziarie. Per consentire la derecognition in relazione alle operazioni di cartolarizzazione, i principi contabili internazionali (in particolare lo Ias 39) richiedono che la sostanza prevalga sulla forma nella cessione dei flussi di cassa e dei rischi associati all'attività finanziaria ceduta.

"La Commissione ha quindi richiamato l'attenzione degli amministratori sulla necessità di considerare attentamente tutte le circostanze e gli elementi previsionali che possono influire nel realizzo o meno delle condizioni sopra indicate, riportando nelle note al bilancio tutte le informazioni necessarie ad una compiuta valutazione delle transazioni in parola", si legge nella newsletter.

"Analogamente sarà compito della società di revisione verificare, nell'ambito della propria responsabilità di audit, che le argomentazioni degli amministratori siano in linea con la normativa di riferimento".

Monte dei Paschi ha conferito al consorzio Perimetro Gpi un ramo d'azienda del controvalore di 1,7 miliardi di euro rappresentato da 683 immobili tra uffici e filiali. La banca ha una quota del 9% del Consorzio mentre i quattro soci principali hanno ciascuno il 20,1%.

&dupdo; Thomson Reuters 2016 Tutti i diritti assegna a Reuters.

*** Fiat: assegnate 1,4mln stock option . esercizio a 10,24euro

Per incentivazione ai manager, esclusi membri Cda (Il Sole 24 Ore Radiocor) - Milano, 23 lug - Il Cda di Fiat ha deliberato l'attribuzione di una prima tranche di 1.418.500 stock option relative al piano di incentivazione dei manager approvato dall'assemblea del 31 marzo.

15 APR 2008

*** Fiat: si' di Bankitalia a piano stock option in assemblea

L'istituto presente con l'1,23%, Generali con lo 0,85% (Il Sole 24 Ore Radiocor) - Milano, 15 apr - Bankitalia ha approvato il piano di incentivazione all'ultimo punto dell'odg dell'assise degli azionisti di Fiat del 31 marzo.

15 APR 2008

Fiat: si' di Bankitalia a piano stock - option in assemblea -2-

Ieri l'istituto si era astenuto in Telecom su incentivazione (Il Sole 24 Ore Radiocor) - Milano, 15 apr - Ieri Bankitalia si e' invece astenuta nell'assemblea dei soci di Telecom sul piano di stock option previsto per il management del gruppo di tlc.

19 FEB 2008

Fiat: nel 2007 per Fresco plusvalenza teorica 3,5 mln da stock option -2-

(Il Sole 24 Ore Radiocor) - Milano, 19 feb - L'ex presidente Fresco detiene tuttora, oltre alle 500mila opzioni residue legate al piano 2002, anche 1,25 milioni di opzioni suddivise tra le 250mila previste dal piano di stock option luglio 2000, scadenza 25 luglio 2008 e strike price 25,459 euro, e il milione di azioni del piano marzo 2001.

16 APR 2007

Telecom: Cusani, no a piano stock option e meno pay out -2-

(Il Sole 24 Ore Radiocor) - Rozzano, 16 apr - Tra le operazioni con parti correlate, Cusani ha stigmatizzato come 'incoerenti e stridenti con una gestione autonoma' i numerosi contratti passivi stipulati con Pirelli, tra cui le consulenze e i servizi in materia immobiliare, la definizione della posizione competitiva, il contenzioso sui.

5 APR 2007

Buy back dal 10 aprile. Stock option offerte a 13,37 euro (Il Sole 24 Ore Radiocor) - Torino, 05 apr - Il Programma di acquisto di azioni proprie, finalizzato alla copertura dei piani di stock option ed all'investimento di liquidita', si riferisce - precisa Fiat in un comunicato - ad un numero massimo di azioni proprie delle tre.

3 NOV 2006

Fiat: si' cda a piano stock option . 10 mln a Marchionne -2-

Piano ha una durata di otto anni (Il Sole 24 Ore Radiocor) - Torino, 03 nov - Con l'approvazione del piano di stock option - prosegue Fiat - il Consiglio 'ha confermato l'importanza di un maggiore coinvolgimento delle persone che occupano posizioni nodali nel perseguimento dei risultati di andamento gestionale della Societa' mi.

3 NOV 2006

Fiat: si' cda a piano stock option . 10 mln opzioni a Marchionne

Esercizio subordinato a raggiungimento target 2007-2010 (Il Sole 24 Ore Radiocor) - Milano, 03 nov - Il cda di Fiat ha approvato un piano basato su stock option che ha come destinatari l'a. d. del Lingotto, Sergio Marchionne, per 10 milioni di stock option corrispondenti a un pari numero di azioni ordinarie di compendio, e piu' di 300.

11 MAG 2006

Parziale attuazione piano stock option (Il Sole 24 Ore Radiocor) - Milano, 11 mag - Gli investimenti del gruppo Toro, inclusa la liquidita', a fine marzo segnavano rispetto a un anno prima un incremento del 5,5% a 9,21 miliardi, a fronte di una crescita del 2,9% delle riserve tecniche nette a 6,97 milioni.

7 MAR 2006

*** Fiat: a Marchionne stock option fino al 2011

(Il Sole 24 Ore Radiocor) - Torino, 07 mar - La Fiat crede nell'opera di Marchionne e Marchionne crede nel futuro del Lingotto. E' quanto si evince dai piani di stock option che il gruppo torinese presentera' all'assemblea dei soci per l'approvazione del bilancio 2005 il 2/3 maggio prossimi.

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MILANO – Oltre 235 milioni di plusvalenze, che andranno a incidere sui conti di un trimestre, il secondo, destinato a riservare meno soddisfazioni del primo. Si spiega così la scelta, annunciata l’altroieri, di UniCredit e Intesa Sanpaolo di uscire dal capitale del London stock exchange: l’operazione è stata chiusa in poche ore dall’advisor Morgan Stanley, che ha piazzato i titoli a 9,6 sterline, una quotazione che consente a Piazza Cordusio di incassare 197,6 milioni di euro per il suo 6,1% (con una plusvalenza pari a 120 milioni), mentre a Intesa in cambio del 5,4% vanno 172,5 milioni, di cui 105 di plusvalenza. L’operazione, un accelerated bookbuilding offering, è stata curata da Morgan Stanley come bookrunner e da Banca Imi e UniCredit Bank come passive joint bookrunners. Ottimo affare per le banche italiane, un po’ meno per gli altri azionisti: quella di ieri, per il titolo Lse, è stata la peggior seduta degli ultimi due anni e mezzo, con il titolo che ha chiuso in calo del 7,3% a 9,47 sterline, decisamente più in basso del prezzo di collocamento delle due quote italiane. «Per noi non si trattava di una partecipazione ‘core’ e ci è sembrato il momento giusto per vendere», ha detto ieri il ceo di UniCredit, Federico Ghizzoni. «È nella logica di quello che stanno facendo un po’ tutte le banche: razionalizzare e focalizzarsi sul loro core business, abbandonando le attività che non sono centrali», ha sottolineato ancora Ghizzoni, ricordando che l’operazione fa parte «del piano strategico che abbiamo annunciato a novembre, in cui era detto che alcune partecipazioni sarebbero state cedute». Con l’uscita delle due grandi banche, transitate a Lse in quanto azionisti di spicco di Borsa Italiana, integrata nel 2007, primo azionista italiano in Lse è diventato Emittenti titoli, holding partecipata da una trentina di gruppi italiani non finanziari quotati, con una partecipazione dell’1,6%. Il baricentro della società, per lo meno quanto all’azionariato, si sposta verso il Medio Oriente: oggi i principali soci del London stock exchange sono Borse Dubai e Qatar investments, ai quali in totale fa capo il 35,6% del capitale; proprio ai due azionisti si era pensato come i probabili acquirenti dei pacchetti italiani, tuttavia da ambienti vicini all’advisor ieri si è appreso che ad essersi accaparrate le nuove quote sono stati investitori istituzionali inglesi e americani.

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L’amministratore delegato di Fca e presidente di Cnh Industrial Sergio Marchionne quest’anno non sentirà di sicuro la crisi, grazie ad una plusvalenza di 10,8 milioni di euro. realizzata grazie all’esercizio di 6,25 milioni di stock option sulle azioni delle due società. A comunicare il dato ‘sensibile’ è la Afm, la ‘Consob’ olandese, (Fca e Cnh hanno sede in Olanda), secondo quanto ricostruito da Bloomberg. Le azioni sono state vendute il 30 e il 31 ottobre, dopo l’annuncio dello scorporo della Ferrari.

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Stock option: Assonime esamina i profili applicativi dell’assegnazione delle azioni ai dipendenti

Maggiore chiarezza nella difficile gestione della disciplina delle stock option. La seconda parte della circolare ASSONIME 23 aprile 2007, n. 23, ripercorre alcune problematiche sollevate dalle recenti modifiche normative, tenendo anche conto delle precisazioni in merito fornite dall’Agenzia delle entrate con le circolari 4 agosto 2006, n. 28/E; 19 gennaio 2007, n. 1/E; 16 febbraio 2007, n. 11/E.

Gli obblighi di sostituzione nell’ipotesi di riemersione del reddito di lavoro dipendente

Un problema particolare sollevato dalla disciplina fiscale delle stock option riguarda l’attivazione degli obblighi di sostituzione d’imposta nel caso in cui il mancato rispetto delle condizioni poste dall’attuale formulazione dell’art. 51, comma 2, lett. g-bis ) del TUIR conduca alla riemersione di un reddito imponibile di lavoro dipendente.

Nel caso in cui il beneficiario ceda o costituisca in garanzia le azioni oggetto del piano di stock option senza rispettare il vincolo del mantenimento quinquennale dell’investimento, l’importo non assoggettato a tassazione come reddito di lavoro dipendente diviene imponibile come tale nel periodo d’imposta in cui avviene la cessione. Sotto il profilo operativo, ciò comporta l’assoggettamento a ritenuta del reddito di lavoro dipendente che viene a riemergere, con conseguente coinvolgimento del datore di lavoro, naturale sostituto d’imposta.

L’Agenzia delle entrate è intervenuta sul punto per fissare una serie di regole, richiamando le indicazioni già fornite nella circolare n. 28/E del 2006.

In quella sede, commentando le disposizioni della più volte ricordata legge n. 248 del 2006 che avevano introdotto il vincolo del mantenimento quinquennale per tutte le azioni oggetto di assegnazione agevolata ai dipendenti, l’Agenzia ha sostenuto che trattandosi dell’applicazione di una norma agevolativa che condiziona i suoi presupposti alla sussistenza di un determinato requisito giuridico-temporale (possesso delle azioni per almeno un quinquennio ):

a) “il datore di lavoro-sostituto d’imposta è tenuto ad informare i destinatari dell’assegnazione agevolata circa l’obbligo di comunicare tempestivamente allo stesso le eventuali cessioni delle azioni, anche successivamente all’eventuale cessazione del rapporto di lavoro ”;

b) in base all’art. 23 del D. P.R. norte. 600, che impone al sostituto l’obbligo di effettuare le ritenute anche per le somme e i valori erogati da soggetti terzi, nell’ipotesi in cui il beneficiario dell’assegnazione abbia già cessato il rapporto di lavoro intraprendendone uno nuovo con un altro datore di lavoro ovvero sia stato collocato a riposo, il datore di lavoro assegnatario delle azioni deve comunicare al nuovo datore di lavoro ovvero all’ente che eroga il trattamento pensionistico l’importo del valore che questi deve assoggettare a tassazione, unitamente al reddito di lavoro dipendente o al trattamento pensionistico erogato;

c) l’omessa o ritardata comunicazione da parte del precedente datore di lavoro non esonera il nuovo datore di lavoro (o l’ente pensionistico), che sia stato informato direttamente dal dipendente della sussistenza di un fringe benefit derivante dal precedente rapporto di lavoro, “ ad attivarsi al fine di conoscere il predetto importo ”;

d) nel caso in cui il dipendente non abbia intrapreso un altro rapporto di lavoro dipendente o non percepisca alcun trattamento pensionistico, la ritenuta deve essere operata dal datore di lavoro che aveva assegnato le azioni, previa comunicazione dell’evento da parte del lavoratore cessato e corresponsione della relativa provvista;

e) nel caso di cessione delle azioni oggetto di stock option prima dello

scadere del quinquennio, il datore di lavoro dovrà applicare le ritenute “ nel primo periodo di paga utile, successivo all’avvenuta conoscenza del presupposto impositivo ” assumendo a tal fine “ rilevanza la notizia, acquisita dal datore di lavoro, dell’avvenuta cessione delle azioni da parte del dipendente, semprechè il cessionario non sia lo stesso datore di lavoro o la società emittente ”.

A parere di ASSONIME, il punctum dolens di questa impostazione dell’Agenzia risiede anzitutto nel fatto che il sostituto d’imposta non ha, generalmente, la disponibilità della provvista necessaria per effettuare la ritenuta, posto che il guadagno viene realizzato e incamerato direttamente dal dipendente sul mercato.

Infatti, se il dipendente è ancora tale, il sostituto potrà rivalersi, per l’ammontare della ritenuta, sulla retribuzione corrisposta a latere . ma se il dipendente non è più tale, il sostituto perde anche questa possibilità.

Stando all’interpretazione dell’Agenzia, pur in assenza di una comunicazione del lavoratore circa l’eventuale cessione delle azioni, sul sostituto d’imposta continuerebbe a gravare l’obbligo di operare e versare la ritenuta alla fonte sul reddito di lavoro dipendente riemerso per effetto del mancato rispetto del vincolo quinquennale di mantenimento dell’investimento minimo.

Ai detti obblighi di sostituzione si aggiungono poi, in considerazione dell’unicità delle basi imponibili ai fini fiscali e previdenziali, i problemi legati alla rilevanza anche a fini contributivi dell’eventuale reddito di lavoro dipendente che emerga in virtù degli eventuali fenomeni di recapture .

La circolare n. 28/E del 2006 prevede espressamente che per i piani deliberati successivamente all’entrata in vigore delle nuove disposizioni, qualora non siano rispettate le nuove condizioni di cui al secondo periodo del comma 2-bis dell’art. 51 del Tuir, il reddito di lavoro dipendente così determinatosi debba essere preso in considerazione ai fini della base contributiva anche quando la cessione delle azioni avvenga successivamente alla cessazione del rapporto di lavoro.

E’ evidente – prosegue la circolare in commento – che una tale evenienza – che contrasta, peraltro, con un orientamento espresso dall’ente previdenziale circa il venir meno degli obblighi contributivi nei confronti dei dipendenti cessati – pregiudica gravemente il ricorso allo strumento della stock option . posto che per il datore di lavoro diventa complesso conferire un vantaggio al dipendente, senza poterne prevedere – né nell’ an né nel quantum – i costi aziendali per l’impresa. Sarebbero opportuni, sul punto, i chiarimenti dell’ente previdenziale.

Cenni sulle problematiche delle stock option nelle fattispecie di mobilità internazionale dei dipendenti

La circostanza che il reddito da stock option sia a formazione composita e pluriennale e che il mancato rispetto delle condizioni poste dall’attuale formulazione dell’art. 51, comma 2, lett. g - bis ) del TUIR possa condurre alla riemersione del reddito di lavoro dipendente originariamente esentato, accentua le problematiche che ordinariamente si presentano in relazione a fattispecie di mobilità internazionale dei dipendenti.

In effetti, è possibile che, a fronte di una prestazione lavorativa svolta in modo continuativo all’interno di uno stesso gruppo ma in Paesi diversi, il dipendente consegua l’opzione in uno Stato, maturi il diritto all’esercizio di questa opzione in un secondo Stato ed eserciti l’opzione in un terzo Stato.

I fenomeni di doppia imposizione internazionale suscettibili di generarsi sui flussi reddituali originati dai piani di stock option cross border per effetto della sovrapposizione di pretese impositive tra Paese di residenza del dipendente e Paese della fonte (per tale intendendosi quello nel quale si svolge l’attività produttiva del reddito) possono trovare soluzione, come ogni altro fenomeno analogo, in sede di convenzioni internazionali contro le doppie imposizioni: nel caso di specie, peraltro, la questione può essere complicata sia dalla possibilità che gli Stati firmatari della convenzione non concordino appieno sulla qualificazione (come reddito di lavoro dipendente o come reddito di capitale) delle componenti reddituali derivanti dalle stock option cross-border, sia dai problemi di timing mismatches . legati alla scelta, propria di ciascuno Stato, di tassare i redditi da stock option in una fase dell’operazione negoziale piuttosto che nell’altra.

Sul tema della qualificazione dei redditi derivanti dalle stock option . il nuovo Commentario al Modello OCSE, pubblicato nel luglio 2005 – pur se privo di valenza giuridica vincolante sulle valutazioni che i singoli Stati possono operare in merito alla qualificazione del reddito e all’individuazione del momento impositivo dello stesso – individua più precisamente la linea di demarcazione tra ciò che costituisce un beneficio legato al rapporto di lavoro e ciò che deve essere qualificato come capital gain .

In particolare, recependo le indicazioni fornite dal Comitato per gli Affari Fiscali, il Commentario considera reddito di lavoro dipendente l’intero incremento di valore delle azioni maturato nel periodo compreso tra la concessione dell’opzione e l’esercizio della stessa: ne consegue l’applicabilità dell’art. 15 del Modello OCSE sulla remunerazione rappresentata dalla differenza tra il valore delle azioni al momento dell’esercizio dell’opzione e lo strike price .

Viceversa, l’incremento di valore delle azioni ottenuto successivamente al detto periodo e realizzato dal dipendente con la cessione delle azioni appare collegato a un’attività di tipo speculativo sulle azioni sottostanti e, quindi, ne sembra più logica una qualificazione (e una conseguente tassazione) come guadagno di capitale, con applicazione dell’art. 13 del Modello, il quale prevede, al quinto paragrafo, l’assoggettamento ad imposizione della plusvalenza in via esclusiva nello Stato di residenza del contribuente.

La nuova disciplina italiana non deroga, così come la precedente, alla qualificazione

proposta dal Commentario; tuttavia, poiché essa prevede che il reddito di lavoro dipendente possa emergere anche ex post . per effetto del mancato rispetto delle condizioni poste dalla lett. g - bis ) del comma 2 dell’art. 51 del Tuir, è suscettibile di creare ulteriori difficoltà applicative, in un panorama che è già di per sé complesso e di non facile gestione, allorquando il dipendente che abbia ottenuto l’assegnazione in Italia ceda infraquinquennio le azioni oggetto di stock option fuori dal nostro Paese. In questo caso, infatti, riemerge un reddito di lavoro dipendente maturato in relazione all’attività svolta nel nostro Paese e che, dunque, dovrebbe essere qui assoggettato a tassazione, anche se il dipendente non abbia più legami con il nostro territorio e si potrebbe rendere presumibilmente più difficile azionare una pretesa tributaria nei suoi confronti.

Naturalmente, si verificano situazioni anche inverse, in cui i dipendenti di società estere del gruppo, beneficiari di piani di stock option . esercitano l’opzione quando risultano trasferiti presso società residenti e dunque prestino attività lavorativa in Italia. E’ chiaro che in tale evenienza occorrerebbe – a giudizio di ASSONIME – preliminarmente stabilire a quale degli Stati competa l’imposizione sul reddito maturato e che natura tale reddito rivesta. Se, ad esempio, in tutto o in parte la stock option configura un reddito di lavoro assoggettabile a tassazione in Italia, su tale reddito potrà rendersi applicabile la disciplina in esame e, dunque, l’eventuale sospensione da imposizione al verificarsi delle anzidette condizioni stabilite dall’art. 51, comma 2, lett. g - bis ) del Tuir.

In definitiva, siamo in presenza di una tematica che da sempre ha suscitato problemi applicativi di non facile soluzione e alla quale la nuova norma italiana sulle stock option aggiunge, probabilmente, taluni ulteriori profili di analisi.

In linea generale, rimane comunque una tematica che dovrà essere seguita tenendo

conto dell’evoluzione delle convenzioni e del dibattito internazionale.

Il trattamento dei costi di stock option per il datore di lavoro

Gli archetipi contrattuali a disposizione delle società per assegnare azioni ai dipendenti nell’ambito di piani di stock option sono sostanzialmente due:

a) l’ aumento di capitale con offerta in sottoscrizione ai dipendenti, senza necessità di prevedere un sovrapprezzo, disciplinata dall’art. 2441, ultimo comma, cod. civ. Tale disposizione consente, a determinate condizioni e in deroga al principio generale secondo cui le azioni di nuova emissione devono essere offerte in opzione ai soci in proporzione alle azioni possedute, di procedere ad un aumento di capitale a pagamento con esclusione del diritto di opzione per i vecchi soci e assegnazione delle azioni di nuova emissione ai dipendenti beneficiari del piano: in questa ipotesi si realizza, in sostanza, il collocamento di azioni di nuova emissione presso i dipendenti cui è riservato l’aumento di capitale, i quali si trovano a sottoscrivere azioni a condizioni di norma più vantaggiose di quelle valevoli per i soggetti terzi.

In particolare, la disposizione prevede che “ con deliberazione dell’assemblea presa con la maggioranza richiesta per le assemblee straordinarie può essere escluso il diritto di opzione limitatamente a un quarto delle azioni di nuova emissione, se queste sono offerte ai dipendenti della società o di società che la controllano o che sono da essa controllate”;

b) la cessione ai dipendenti che esercitino l’opzione all’acquisto – compatibilmente con i limiti e le cautele poste dalla norma civilistica – di azioni proprie o azion i delle società controllanti o controllate, già in circolazione (esistenti nel bilancio della società datrice di lavoro ovvero da essa acquisite allo scopo di essere destinate ai dipendenti).

Nel regime previgente all’applicazione degli IAS-IFRS, queste due ipotesi avrebbero avuto un differente trattamento contabile e fiscale.

In questo contesto contabile e fiscale, un ulteriore caso è, infine, rappresentato dall’ assegnazione di azioni provenienti da altre società del gruppo . con connesso o meno riaddebito del costo alla società datrice di lavoro.

E’ questa, ad esempio, l’ipotesi in cui la capogruppo offre azioni proprie in attuazione dei piani di stock option sia ai suoi dipendenti sia ai dipendenti delle società partecipate. Per queste ultime società, dovrebbe ragionevolmente ritenersi che l’eventuale riaddebito nei loro confronti del costo sostenuto dalla capogruppo per assegnare le azioni ai relativi dipendenti, abbia natura di costo inerente e deducibile dal reddito d’impresa (come confermato dalla constatazione che tali società dovrebbero, altrimenti, procurarsi sul mercato azioni di analogo valore).

Ciò premesso, ASSONIME considera che l’introduzione degli IAS/IFRS ha profondamente modificato i criteri attraverso i quali rilevare in bilancio i piani di stock option .

Poiché la disciplina fiscale in esame riguarda le stock option attuate tramite azioni quotate e le società quotate nei mercati regolamentati italiani ed esteri sono, come noto, tenute nella redazione del bilancio d’esercizio all’applicazione degli IAS/IFRS, è con questi principi che occorre in definitiva confrontarsi ai fini della soluzione, in concreto, delle tematiche fiscali in esame.

Infatti, le uniche ipotesi di società che non applicano gli IAS/IFRS e potrebbero, ciò nonostante, essere interessate all’applicazione del regime di stock option in esame dovrebbero riguardare le società non quotate – abilitate come tali a non applicare gli IAS/IFRS – che, in quanto appartenenti a gruppi quotati, possano offrire ai propri dipendenti partecipazioni di altre società quotate del proprio gruppo di appartenenza (ad esempio, come sopra accennato, azioni della capogruppo).

Come è noto, per le società che applicano i principi contabili internazionali, il trattamento contabile da riservare alle operazioni di attribuzione di stock option è regolato dall’IFRS 2, principio che disciplina, in generale, i pagamenti basati sul valore delle azioni effettuati dalla società verso terzi ( Share-based payments ).

Nel quadro definito dall’IFRS 2, le stock option vengono trattate come pagamenti basati sul valore delle azioni regolati attraverso l’attribuzione diretta alla controparte di opzioni. Per questa fattispecie (accomunata nel trattamento contabile a quella delle stock grant ), l’IFRS 2 prevede che al momento dell’attribuzione delle opzioni ai dipendenti la società debba registrare un costo da evidenziare nel conto economico (sempre che i servizi ricevuti dai dipendenti non abbiano le caratteristiche per essere rilevati come attività nell’attivo di stato patrimoniale) e un corrispondente incremento del patrimonio netto, di importo pari al valore delle opzioni attribuite.

Nel caso in cui le opzioni emesse non siano immediatamente acquisite dal dipendente ma, a tal fine, questi debba completare un determinato periodo di servizio, la società rileva pro-quota il costo ed il corrispondente incremento del netto lungo il periodo di maturazione dell’opzione.

Il fair value delle opzioni (da cui dipenderà il costo da iscrivere nel conto economico) deve essere determinato al momento dell’emissione delle opzioni medesime e non deve essere modificato successivamente. La determinazione del fair value avviene sulla base dei prezzi di mercato o mediante il ricorso a tecniche valutative, senza considerare le vesting condition diverse dalle condizioni di mercato. Il fatto che la concessione delle opzioni sia subordinata al soddisfacimento di specificate condizioni non assume rilievo ai fini della determinazione del fair value delle stesse opzioni, ma influenza il numero di opzioni effettivamente contabilizzate come costo. In altri termini, il costo da imputarsi a conto economico lungo il periodo di maturazione dell’opzione è determinato in funzione delle opzioni che, sulla base delle vesting condition . si presume verranno effettivamente esercitate.

Rilevanza contabile dell’assegnazione delle azioni

Sotto il profilo strettamente contabile, l’assegnazione di stock option non produce effetti sostanziali sul patrimonio complessivo della società, se si considera che i minori utili (o le maggiori perdite) derivanti dall’iscrizione dei costi “sostenuti” dall’azienda a seguito dell’operazione trovano contropartita in un incremento del netto di pari importo. Non è chiara, tuttavia, la natura dell’importo imputato al conto economico e della corrispondente posta incrementativa rilevata nel netto patrimoniale.

Secondo un determinato orientamento, le indicazioni di bilancio esprimerebbero sostanzialmente un apporto in natura (apporto di lavoro) in un certo senso non dissimile dall’apporto di lavoro effettuabile in favore delle società a responsabilità limitata. Tuttavia, trattandosi di un apporto non iscrivibile – a differenza di quanto accade per l’apporto di lavoro nella società a responsabilità limitata – esso non è espresso da un attivo di bilancio in contropartita di un aumento di capitale, ma da un costo del conto economico controbilanciato da una riserva (di natura evidentemente patrimoniale) del netto contabile. D’altra parte – si osserva – anche il valore dell’apporto di lavoro iscritto nell’attivo dello stato patrimoniale di una s. r.l. viene cancellato ed imputato a conto economico allorché l’attività lavorativa promessa viene prestata (affinché il valore di tale apporto partecipi al risultato di gestione).

La medesima impostazione è sostanzialmente seguita dagli IAS/IFRS, con l’unica differenza che l’imputazione a conto economico è immediata e pro quota durante l’arco temporale di vita del piano di stock option in contropartita, come detto, di un incremento del netto patrimoniale a latere del capitale sociale.

Secondo altra tesi, invece, proprio perché l’iscrizione dell’operazione di stock option non produce – fin dall’esercizio iniziale di rilevazione – conseguenze sostanziali sul patrimonio dell’impresa (che si riduce, ripetiamo, sul fronte del risultato di esercizio e, corrispondentemente, si incrementa sul fronte del netto patrimoniale), si ritiene che la natura della posta incrementativa del netto possa essere, in effetti, quella semplicemente di saldo rettificativo di un onere figurativo, comunque iscritto nel conto economico più per finalità di carattere informativo che per l’esigenza di evidenziare un reale depauperamento dell’azienda (nella maggior parte dei casi, in effetti, le stock option attribuite sono “pagate” dal mercato, o – comunque – dagli altri azionisti della società piuttosto che dall’impresa stessa.

Al limite, conclude ASSONIME, per l’impresa l’attribuzione di stock option può comportare un costo opportunità, e – quindi – un mancato guadagno, a fronte dell’emissione di strumenti finanziari ad un prezzo inferiore a quello che il mercato sarebbe disposto a riconoscere).

E’ chiaro che, seguendo questo diverso orientamento, l’incremento del patrimonio netto in parola avrebbe natura non di riserva patrimoniale, ma di una sorta di utile preaccantonato.

contribuente realizza plusvalenza su azioni "stock options". partecipazioni non qualificate.. esibisce certificazione rilasciata da banca relativa a minusvalenze 2004 e 2005 ancora in essere, cifra piu di 8000 euro.. risparmio amministrato o gestito che sia, andrebbero gestite sempre tra intermediari e non in unico. (no regime dichiarativo) il punto è che il tipo ha chiuso i conti e venduto tutto, non ha piu nulla, sulla certificazione è proprio scritto "chiusura rapporti in essere", la posso portare nel quadro RT vero e compensare con la plusvalenza realizzata? io penso di si

2008-05-29 15:44:21 UTC

Post by ponziopilato contribuente realizza plusvalenza su azioni "stock options". partecipazioni non qualificate.. esibisce certificazione rilasciata da banca relativa a minusvalenze 2004 e 2005 ancora in essere, cifra piu di 8000 euro.. risparmio amministrato o gestito che sia, andrebbero gestite sempre tra intermediari e non in unico. (no regime dichiarativo) il punto è che il tipo ha chiuso i conti e venduto tutto, non ha piu nulla, sulla certificazione è proprio scritto "chiusura rapporti in essere", la posso portare nel quadro RT vero e compensare con la plusvalenza realizzata? io penso di si

Confermo. Per quello che ne so, dovresti avere in mano le certificazioni di minusvalenze (o perdite) che gli intermediari finanziari rilasciano, in caso di revoca dell'opzione o cessazione del rapporto, ai sensi dell'art. 6, comma 5 (risparmio amministrato) e art. 7, comma 13 (risparmio gestito) del d. lgs. 461/1997.

Se è così, puoi benissimo portare le minusvalenze in deduzione in dichiarazione, visto che lo prevedono le norme che ti ho citato.

L'unico rischio è che il rapporto sia concluso con l'intermediario..

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Since Binary Options are derivatives (rely on underlying assets), we want to identify shifts 20 50 Day Moving Average Cross on Nasdaq 100- Updated with Chart As noted in the previous post, the 20 day moving average is crossing over the 50 day average from beneath, on the NDX. Gif -0. Binary options are an updown wager on the price of an underlying asset at a certain time. Daytradertax is a division of Mann Company CPA's (For related reading, see: What You Need To Know About Binary Options Outside The You can toogle theseВ features individually according to your needs and wants.

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My brookers OptionRallygood)The last Bot was day 10ht December 2014. Please also note that your call may be recorded for training and monitoring purposes. Free options good trading strategies how to always win on binary options indicators making money off binary option trading youtube hourly why are binary options based in cyprus how to is trade trading worth it penny stock binary trader trading virtual account biz 593 index How to win in binary options ultimatum uk witth binary options wifh software on stocks penny stock option broker trading spreadsheet Part the expiry time.

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Magical bullet strategies 3. Additional important index is RVI (Relative Volatility Index). Try out the features of the BinaryTrader platform. Pdf Anshumana And Kalay-Can Splits Create Market Liquidity - Theory And Evidence.

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All trades on track record can be verified once you know the system. Stop make a robot for Forex earn means. The only downside is the relatively high minimum investment (approximately 24 for most assets, but unlike most other binary options brokers the minimum investments change from asset Payal asset), which could limit beginners. UPTREND: This begin when price moves from below the whole of the moving averagies and closes above DOWNTREND: This begin when price moves from above the whole of the moving averagies and closes below MARKET GOOD STRENGTH: You have a good strength when the ADX increasies from below the 20 level to above 20 level in PxyPal up or down trend.

Many successful trading system i have much win in. Strategies best fit all major. Along with the sound and the arrow you will get an Alert window with a Currency pair, a timeframe and a Buy or Sell order direction what you will receive 1- 50 pips Manuals guide pdf Forex 50 Pips Manual System For Trading The Micro Trends In A Market With Wwith Weak Or No Trend. Although they may not admit it they do in fact have targets for the value of their currency and hold large reserves of foreign currencies which when used correctly can influence the market.

you probably know that they go up and down in price. Team that cyber binary please visit. The skew matters because it affects the binary considerably more than the regular options. But it can that. after 3 to 5 wins sto trading and if price goes in one direction DO NOT trade until binary option 60 seconds signals stops and leveled.

This system continues to provide an attractive incentive to employees in all but one case when Bgokers company raises money at a valuation well in excess of what most people would consider fair. Ill just check with Travis here and see if any questions have come across. For example, if you take a conventional EURUSD long position combined with a StopLoss and simultaneously buy a Put Binary Option. Our core business is providing preeminent choice select technology services to CTAs, hedge funds, and proprietary trading firms.

It can also give insight into the position of the baby. 7, 2015 4107 how many. We would recommend to register on screensavers on Forex website after buying the robot as it enables us to track the licensing and purchase information of our users. Trading platforms such as that of Tech Financial partner brokers (24Optio n, which shows the Have a trading strategies via book imbalance at CoolTraderPro(dot)us and be sure to click on the testimonials link.

Its binary option tag archives second binary. ddns. Large amounts of money can be moved into and out of any foreign currencies without affecting the wlth movement ANALYSIS OF Brokers with PayPal DAX a huge way. The YTD 10 column is fine that will change everytime you update each month. How reliable is Using Binary Options signals. Need the ANALYSIS OF Brokers with PayPal DAX one of trading vacancies are hosting an online stock.

And Your trading promotions; forex trading india, And investments trading to. Date in certain strike price direction for the sp composite options or futures and PayPwl.

Steady profits using a binary byte. Either reply back to the article or use theВ Facebook Twitter links at the top of the page to stay connected with us.

England; strategy 2015 people h travis is the language for each. Simple bollinger bands, often creates a minute charts for day trade. We have also discovered the authentic download page of forex trading reversal signals, which you can gain access to by clicking the link below: Click here to download forex reversal systemВ What are the basic facts of forex trend reversal Brokerd.

My members and I use a 5-day chart with a New York close MT4 data sever to generate my Price Action Trading Signals. A PIP is the smallest movement price can make.

As such, it is helpful to know where the current implied volatility level stands in relation to its medium-term range. OptionFair Licensed and regulated and a 100 free demo account for new traders (sorry no USA). Forex trading and here to tick changes with another. All Indicators are for free. Binary options trading journal october 2015 - Best Binary Option Signals Service Japan Regulates Binary Options The simplicity and ease of use of this trading pasar trading forex, as well as the safe secure environment to trade, make 24Option one of the stars of the industry.

When we shorten the RSI period to a 2 or 3 or 4 the test result is significant. No need for all the cluttered charts. It is assumed that this double rate would cover previous losses, and traders get a legitimate profit. In the next section we'll take a closer look at how moving averages are used to gauge the overall trend of a currency.

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Luanda - The Attorney-General Department recommended last Thursday an adjustment to the functioning of the Prosecuting Authority to the country’s legal framework, with highlight on the new Precautionary Measures Law in the ambit of Criminal Proceedings.

This stance comes on a communiqué read in the end of the Broad Consultative Council of the Attorney-General Department, held from last Tuesday to Thursday under the motto “The Attorney-General Department in face of the challenges of the Precautionary Measures Law in the ambit of Criminal Proceedings”.

In the document, the participants recommend improvements in the mechanisms of supervision and control over the application of precautionary measures such as Remand and greater strictness in the work of prosecutors.

The gathering also recommended rigour in the choice and analysis of statistical data on criminality and criminal proceedings, suggesting also the need to hold periodical upgrading seminars for technicians, among other recommendations.

Luanda - The Japanese political and legislative authorities have expressed interest to assist Angola with its economy diversification projects. This was said by the Angola National Assembly speaker

Luanda - The commissions of Economy and Finance and Constitutional and Legal Affairs of the National Assembly (AN) approved Wednesday in Luanda, in the specialty, the balance execution report of the t

Luanda - The secretary of State for Foreign Affairs, Manuel Augusto, is since Wednesday attending the African Union’s Southern African Foreign ministers meeting taking place in Gaborone, Botswana.

Luanda - The deputy commander of the Angola Armed Forces (FAA) for Patriotic Education, gen. Macedo do Amaral, Wednesday in Luanda appealed to the military judiciary police staff to participate more i

Saurimo - The provincial governor of Lunda Sul, Cвndida Narciso, Wednesday in Saurimo, said the gains of peace, reached on April 4, 2002, are incommensurable and are reflected directly in improving th

Saurimo - The eastern Lunda Sul Province will host the main ceremony in the celebrations of the fourteenth anniversary of the Peace and National Reconciliation Day, April 04, ANGOP learnt last Wednesd

Luanda - The minister of National Defense, Joгo Gonзalves Lourenзo, left this Wednesday morning to the south-eastern Cuando Cubango Province, where he is expected to preside over the festivities of th

Lusaka - The 2nd Vice Speaker of National Assembly (Angolan Parliament) Bento Francisco Sebastiгo Bento said Monday in Lusaka (Zambia) that the country has embarked on an open and frank dialogue with

Luanda - The Prison Service, linked to the Ministry of the Interior (MININT) refused on Tuesday in Luanda that the inmates of the Luanda Central Prison have been receiving during four days (from 16 Ma

Luanda - The academic year 2016 in the Higher Institute of Police and Criminal Sciences (ISCPC) was officially opened on Tuesday in Luanda, in a ceremony chaired by the general commander of the Nation

Sumbe - The board of the Sumbe Penitentiary, in central Cuanza Sul province, is working to improve the services of the institution to provide humanised treatment to inmates and better accommodation.

Luanda - Angola defends dialogue as the best path to settling conflicts. This was reiterated Tuesday in Tokyo, Japan, by the National Assembly (Angolan Parliament) speaker, Fernando da Piedade Dias

Luanda - Angola marks Wednesday, March 23, the 28th anniversary of Cuito Cuanavale Battle described as the largest battle ever waged by regular forces in the southern Africa region. The even

Luanda - The 4th Session of Angola/Russia Joint Economic Bilateral Commission meeting is scheduled for 14 -15 April in Luanda, aimed at planning new areas of cooperation, assess and strengthen the exi

Luanda - Bilateral economic cooperation matters between Angola and Russia topped Tuesday audience the vice president of Republic Manuel Vicente granted to the Russian ambassador Dmitry Lobach in Luand

Luanda - Angola marks Wednesday, March 23, the 28th anniversary of Cuito Cuanavale Battle described as the largest battle staged by regular forces in the southern Africa region. The event ma

Luanda - Angolan head of State Josй Eduardo dos Santos Tuesday in Luanda received a message from his counterpart of South Sudan, Salva Kiir, whose content is related to the developments of peace proce

New York - Angola defended last Monday in New York, USA, the need for the Great Lakes region to return to the path of sustainable development, through a strong leadership, political will, proper funct

Luanda - The sentence of the seventeen citizens accused of preparing acts of rebellion against state institutions will be known on Monday, March 28, ANGOP has learnt. The information was re

Luanda - The Secretary of State for Interior, Eugйnio Cйsar Laborinho, recommended on Friday in Luanda for greater discipline and rigor to the staff of the Migration and Foreigners Service (SME), in f

Luanda - The Migration and Foreigners Service (SME) will improve its response capacity and the population satisfaction levels, user of its services, said Monday in Luanda the director general of the b

Dundo - The Border Police in Lunda Norte stopped on 14-21 March about 540 citizens from the Democratic Republic of Congo (DRC), on attempted violation of border. According to the note from the 7th

Luanda - Members from 8th Commission of National Assembly Monday in Luanda welcomed the telecommunications development programmes and projects in Angola aimed at prioritising the national staff traini

Luanda - The Jail facility of Viana municipality in Luanda has as from Monday an industrial hub to cater for prison population. Inaugurated by Angolan Interior minister, Ângelo de Barr

Luanda - The National Assembly (Angolan Parliament), through its 20/15 resolution, has approved for ratification, the Convention on the Africa Cultural Renaissance Charter. This is contained in the

Luanda - The Prison Services should continue to abide their activities by strict compliance with the law and support all the initiatives made in the legislative framework on the precautionary measures

Luanda - The Prison Services are unveiling this Monday the first Industrial Block in Viana Penitentiary in Luanda. The project includes a number of productive plants of certain goods and me

Uнge - The 75 delegates from Uige Municipality, the chief town of the northern Uige Province, was gathered last Saturday in its second municipal conference, which chose 20 delegates to the provincial

Ganda - Five citizens were elected Friday in Ganda municipality, delegates to the provincial conference of the Coalition Casa-Ce in Benguela, set for April. The election took place during the confer

Cabinda - The first provincial secretary of JMPLA in Cabinda, Francisco Vani, asked the youth of Belize municipality, to create agricultural cooperatives taking advantage of the fertile potential of t

Rome - The permanent representative of Angola to the United Nations Food and Agriculture Organisation (FAO) last Friday emphasised the importance to preserve peace, deeming it an essential element for

Luanda - At least 120 specialised personnel in medicine, nursing, psychology, psychiatry and psycho-social support started on Friday, in Luanda, a course on emergencies in disasters, pandemics and tra

Brussels - An Angolan parliamentary delegation, led by MP Virgнlio de Fontes Pereira, was in Brussels from 15 to 18 March this year to participate in the 41st Session of the ACP (Africa, Caribbean and

Nella Revenue Memorandum Circular 79 del 2014, il Bureau of Internal Revenue ha definito il trattamento dei piani di stock option ai sensi del codice fiscale delle Filippine.

Dopo aver definito una “ stock option ” come un’opzione concessa ad un ente o ad un individuo che dà diritto all’acquisto di azioni in una società ad un prezzo specifico, o un diritto alla differenza tra il valore di mercato e il valore nominale delle azioni concesse con l’opzione, ad una data o un periodo specifico, la Revenue Memorandum Circular ha confermato che “la concessione, la vendita, il trasferimento o l’esercizio dell’opzione possono comportare obblighi di natura fiscale”.

Se l’opzione call è stata concessa in base ad un rapporto intercorrente tra dipendente e datore di lavoro, e nessun pagamento è stato ricevuto per la concessione dell’opzione, il datore di lavoro non può pretendere detrazioni per la concessione della stock option . ma, “se l’opzione è stata concessa dietro corrispettivo, il prezzo pieno dell’opzione deve essere considerato come plusvalenza, e deve essere tassato come tale”.

L’emissione dell’opzione è anche soggetta ad imposta di bollo sul valore nominale delle azioni oggetto di opzione.

La vendita o lo scambio delle stock options sono anche considerate soggette all’imposta sulle plusvalenze. Se l’opzione e’ stata concessa senza pagamento di un corrispettivo, la base su cui calcolare la plusvalenza sara’ zero.

Se l’opzione viene trasferita dal concessionario senza nessun corrispettivo in cambio, questa verra’ considerata come una donazione di azioni, e quindi soggetta ad un’imposta sul donante. La base sarà il valore di mercato dell’opzione al momento della donazione.

Come confermato dalla Circolare, le norme in materia di equity settlement options si applicano anche alle cash settlement options.

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8 novembre 2010 - 16:23

Riporto l'agenzia Ansa delle 14,02 (scusate il ritardo, ma ero in riunione per il 1° Master Luxury & Fashion Management del Sole): " Parigi, 8 novembre - Il numero due del gruppo francese del lusso Lvmh, l'italiano Antonio Belloni, il 26 ottobre scorso ha realizzato una plusvalenza di 18 milioni di euro in un solo giorno esercitando una parte delle sue stock options e rivendendo i titoli nel corso della giornata. Lo rivela il quotidiano Le Figaro, sottolineando che la transazione è avvenuta proprio nel giorno in cui il patron di Lvmh ha annunciato di essere salito al 17,1% della maison Hermes. Belloni, spiega il giornale, a inizio giornata ha acquistato, nel quadro delle proprie stock options, 200.000 azioni Lvmh al prezzo di 37 euro l'una e altre 50.000 a 61,77 euro, per un totale di 10,48 milioni di euro. Nelle ore seguenti, il dirigente ha rivenduto i 250.000 titoli in diverse tranche al prezzo corrente del giorno, ovvero 112,35 euro, intascando 28,08 milioni di euro. «Antonio Belloni ha perfettamente rispettato le regole» ha dichiarato al Figaro un portavoce dell'azienda. Regole che però, ricorda il quotidiano, l'Autorità dei mercati finanziari francesi sta cercando da tempo di rivedere, dato che, riferiva una raccomandazione diffusa la scorsa settimana, i dirigenti sono «quasi in permanenza» in possesso di informazioni privilegiate".

Belloni, bravissimo manager e persona di spiccata personalità e simpatia, non può essere accusato di nulla: se la regola è quella, finché non viene modificata nessuno può essere considerato fuorilegge. E' come la normativa di cui abbiamo parlato nei giorni scorsi che ha consentito ad Arnault di rastrellare il 17,1% di Hermès attraverso strumenti derivati senza notificarlo all'Amf: se le maglie sono larghe non è colpa di Arnault, bensì dell'Authority che non fa pressing sul potere legislativo affinché le maglie siano ristrette.

8 novembre 2010 - 11:49

Adidas ha annunciato stamattina che aumenterà le vendite del 50% entro il 2015 a 17 miliardi di euro. Secondo il Ceo Herbert Hainer, la crescita anno su anno sarà in media del 15%, mentre il margine operativo nel 2015 sarà dell'11% (rispetto al 5% del 2009 e al 10,66% dell'anno record, il 2005).

L'obiettivo è diventare il leader mondiale nello sportswear, ruolo attualmente detenuto da Nike che lo scorso anno ha registrato 19 miliardi di dollari di fatturato rispetto ai 10,4 miliardi di euro del colosso tedesco.

Anche Puma, a metà ottobre, ha annunciato un ambizioso programma di incremento dei ricavi dagli attuali 2,46 miliardi ai 4 miliardi del 2015, con la contestuale creazione di una divisione che gestirà i marchi lifestyle - che alcuni chiamano sport fashion - controllati da Ppr.

Sono cifre gigantesche che fanno sembrare i big player del lusso dei moscerini. Anche qui ne vedremo delle belle.

5 novembre 2010 - 18:11

Compito del weekend: visto che da tre giorni o forse più non parliamo altro che del concetto di lusso - esclusività versus mass - vorrei sapere se preferite o preferireste spendere qualche migliaio di euro per una borsa o la stessa cifra per un bel viaggio.

Diciamo una Kelly 35 in pelle da 4.900 euro (prezzo in Italia) oppure viaggio in Brasile o in Giappone - cito a caso due mete interessanti - con aereo in business, hotel cinque stelle, trasferimenti, bei ristoranti?

Non rispondetemi che 5mila euro li vedete con il binocolo: stiamo facendo una simulazione. Il venerdì sera ci sta. Attendo tante risposte nel weekend, tanto domenica pioverà dappertutto. Purtroppo.

5 novembre 2010 - 10:15

La famiglia Dumas e il management non lo vogliono e gli chiedono di rivendere subito il suo pacchetto del 17,1% in Hermès. Bernard Arnault, patron di Lvmh, replica che non si sogna nemmeno e come si permettono di chiederglielo.

Nella disputa tra i due big del lusso interviene l'Amf, l'Authority sui mercati finanziari francesi, che ha aperto un'inchiesta per "verificare la regolarità delle operazioni che hanno permesso a Lvmh di aumentare la sua quota" e "assicurare che le regole dell'informazione finanziaria siano state rispettate".

La replica di Lvmh all'agenzia Dow Jones un'ora fa: "Lvmh è convinta che questa inchiesta stabilirà che sono state scrupolosamente rispettate le regole durante queste operazioni, così come abbiamo sempre sostenuto e al contrario di quanto assumono altri". Chiaro il riferimento ai comunicati della Hermès. Il braccio di ferro è totale. Porterà al lancio obbligatorio dell'Opa oppure familiari-azionisti si lasceranno convincere dal re del lusso a vendere i propri pacchetti? Un bel tema per ravvivare l'inizio d'autunno. Che piace a voi lettori di questo blog, perché mischia superlusso esclusivo e luxury mass, cioè proprio il tema di cui ci occupiamo in questi giorni.

4 novembre 2010 - 17:37

Premessa: pochissimi al mondo sono come Hermès o Bottega Veneta o Loro Piana, tanto per citarne tre. Tutti gli altri brand propongono una vasta gamma - come si diceva un tempo - di prodotti che spaziano dall'entry price (come gli orecchini Pin Up di Prada nei negozi in questi giorni) al top di gamma di borse in pellame pregiato, edizione limitata, magari con dettagli made to measure per la singola cliente.

Questi orecchini - che peraltro non mi piacciono affatto, anche se li ha pensati l'adorata Miuccia - per me sono luxury mass, ma non per questo il marchio Prada lo è, così come i suoi competitor, da Gucci a Louis Vuitton. Senza prodotti come questi - i tricks Prada hanno un notevole successo da diversi anni - è difficile arrivare alla soglia dimensionale necessaria per stare sul mercato. Questi orecchini consentono a chi non può permettersi la borsa Prada da 1.200 euro di comprare il marchio: sono un'alternativa al rossetto o al profumo, tanto per fare un paio di esempi.

Scordiamoci che prodotti così scompaiano dai banchi dei monomarca. Altrimenti saremmo fritti.

4 novembre 2010 - 09:45

L'intervista a Frida Giannini del 2 novembre vi ha stuzzicati parecchio. Il tema del posizionamento dei marchi è infatti uno dei nodi del momento e alcuni di voi si chiedono se, continuando a immettere sul mercato prodotti del segmento luxury mass non provocherà, tra X anni, il distacco di chi da quei marchi vuole lusso vero ed esclusività.

Per fare grandi fatturati e grandi profitti, soprattutto se si fa parte come Gucci di una società quotata, la Ppr della famiglia Pinault, è inevitabile che si debba pompare business in ogni segmento e in ogni categoria di prodotto. Approfitto per rettificare la suddivisione dei ricavi Gucci per merceologie: avevo scritto che il 70% è concentrato nella pelletteria e l'a. d. Patrizio Di Marco, al Lancia Café prima della prima mondiale della "Dolce Vita" restaurata, mi ha tirato le orecchie.

Le quote esatte a fine 2009 sono: pelletteria 57,6%, scarpe 14, abbigliamento 13,6, orologi 4,6, gioielli 2,9, altro 7,3.

Quando vado in metropolitana, vedo tante domestiche filippine con il loro bravo bauletto Speedy di Louis Vuitton: probabilmente contraffatto, nella maggior parte dei casi, oppure donato quando ormai consunto dalle loro datrici di lavoro. L'avete notato anche voi, no? Come notate l'enorme contraffazione di borse Vuitton proposta dai vu cumprà sui marciapiedi.

Bene, ciò nonostante, in Italia e nel mondo milioni di signore ambiscono al marchio Vuitton. E' il caso più lampante. Le consumatrici più sofisticate andranno a ordinare la borsa di Murakami o quella in edizione limitata lanciata per l'inaugurazione dello store nella loro città o quella realizzata in pellame pregiato con le iniziali ecc ecc. Le altre puntano al bauletto, entry price di quel marchio che fa gran parte dei suoi ricavi con prodotti di quella fascia ma resta il brand aspirazionale per eccellenza per milioni di persone. Cioè i consumatori di quel preciso marchio. Chi non condivide, compra la Kelly o la borsa Bottega Veneta da migliaia di euro. Sono due mercati differenti.

2 novembre 2010 - 16:15

Il miliardario belga Abert Frère ha incrementato la propria partecipazione nel colosso del lusso Lvmh acquistando 33mila azioni per 3,9 milioni di euro, pari a 117,21 euro per azione, secondo quanto comunicato da Amf, l'autorità che regolamenta il mercato. Alla fine del 2009 Frère, l'uomo più ricco del Belgio, risultava detentore di un pacchetto di 500 azioni, secondo l'agenzia Bloomberg.

Frère e Arnault, il patron di Lvmh, si conoscono bene: insieme possiedono la cantina Chateau Cheval Blanc di Bordeaux. Due giorni prima dell'annuncio di Lvmh di possedere il 14,2% del rivale Hermès (quota poi salita al 17,1%), il businessman belga ha dato comunicato dell'acquisto del suo pacchetto di azioni nel gruppo controllato dall'amico e socio. Il lusso bolle e tutti ci si tuffano.

2 novembre 2010 - 15:57

Auguri al glorioso Wwd per i suoi primi cent'anni! Il quotidiano della moda controllato da Fairchild celebra con il summit dei Ceo dell'abbigliamento e parte con i lavori al Plaza alle 7,45 del mattino (dunque stamattina levataccia per tutti, ma alle 6 pm c'è il party da Cipriani).

Proprio Wwd ci informa che il sindaco Michael Bloomberg non dorme e oggi annuncerà un piano per supportare l'industria fashion che vale 55 milardi di dollari, ne garantisce 2 in tasse, 9 all'anno in stipendi per i 165 mila addetti (pari al 5,5% della forza lavoro della Grande mela).

New York vuole essere un hub di innovazione per catene e specialty stores, e aiutare lo sviluppo delle nuove generazioni di designers, managers e altre figure professionali.

Come tutto questo sarà impostato lo sapremo in serata. Così potremo ragionare tutti insieme se anche Milano - teoricamente leader incontrastata dello stile - sta facendo operazioni simili.

2 novembre 2010 - 12:53

Bel pezzo di Suzy Menkes stamattina sull'Herald Tribune: a occhio e croce direi la prima intervista con Alber Elbaz di Lanvin a pochi giorni dal lancio della sua collezione per H&M. "Non è solo dress for less - ha detto lo stilista dai grandi occhiali - ma un laboratorio per capire le cose. Piuttosto che pensare a un abbassamento di Lanvin ho puntato su un innalzamento di H&M. E come farlo a 99,99 euro".

La capsula verrà lanciata nei negozi il 23 novembre e, oltre ai tuxedo di cui era trapelata un'immagine sui blog nelle scorse settimane, sviluppa minituniche divertentissime. Importante per il colosso svedese, puntualizza Suzy, il debutto della linea nel nuovo flagship store sugli Champs-Elysées; 2.800 metri quadrati di negozio firmati da Jean Nouvel, la prima volta di una archi-star per una catena di fast fashion. Si apre una nuova era anche in questo.

Tagged with Holocaust Museum’s office of genocide prevention

For five months, the State Department has indicated that Iraq’s Yazidi community should be declared a target of ISIS genocide but meanwhile has been less sure about ISIS’s intentions toward Middle East Christians. Tomorrow is Secretary John Kerry’s congressional deadline for officially determining whether Christians, along with the Yazidis and possibly others, face genocide by ISIS. Insisting that department lawyers need a little more time to struggle with the evidence, Kerry promises his decision soon, if not this week.

This shouldn’t be a hard case. Few groups have publicized their brutality toward Christians in real time and in technicolor as ISIS has. Christians, among others, have been declared genocide victims by Pope Francis, the EU Parliament, the U. S. Commission on International Religious Freedom, and the U. S. House of Representatives, in a bipartisan, unanimous vote on March 14, in the heat of election season.

All along, the State Department has demonstrated that it is not just being abundantly cautious and slow in ruling that the atrocities against Christians is genocide but that it is simply unwilling to use that designation specifically for Christians. Rather than carefully reviewing the evidence, as it claims, it has ignored it.

For months, State officials claimed they lacked facts about the Christians and then did nothing about it. Rather than follow the precedent of Secretary Colin Powell, who collected evidence for determining genocide in Darfur, Kerry refrained from dispatching fact finders in the case of the Middle Eastern Christians. When some 30 Christian leaders wrote on December 4 to request an opportunity to brief Kerry, he failed to answer. With only a month remaining until its March deadline, State Department officials asked the Knights of Columbus, which had been running TV spots on the Christian genocide, to prepare a written report of the facts. Before it was even completed, those same officials, meeting with Iraqi Chaldean Catholic leaders, told them that a genocide determination for Iraqi Christians was not in the offing. State suggested that terms such as “persecution,” “ethnic cleansing,” or “crimes against humanity” — terms that carry less moral and legal weight — be used instead.

The Knights on March 9 presented their weighty, 300-page report, based in part on a fact-finding mission that used the Darfur fact-finders’ questionnaire. The Knights list over a thousand instances of ISIS’s deliberately massacring, killing, torturing, enslaving, kidnapping, or raping Christians. This catalogue of horrors, however, may still not be enough.

Genocide is a crime of intent, and State Department officials, overlooking such ISIS declarations as “We will conquer your Rome, break your crosses, and enslave your women,” have had trouble determining whether ISIS aims to destroy all or part of the Christian communities in its territory and is thereby committing genocide as defined in the United Nations’ Genocide Convention. State’s troubles may be explained in part by its reliance on a 30-page trip report of the Holocaust Museum’s office of genocide prevention. That report finds that ISIS, far from intending to destroy Iraqi and Syrian Christian communities, respects them as “People of the Book,” and seeks to peacefully coexist them.

The report takes at face value ISIS’s claims of a jizya option, as does the State Department in its annual religious-freedom report for 2015. The museum report uncritically asserts that “IS specifically notes that its treatment of the Yezidis differs from its treatment of ahl al kitab, the ‘people of the book,’ Christians and Jews, who had the option of paying the jizya (tax) to avoid conversion or death.”

The museum report repeats such ISIS claims and lets them stand unchallenged. Purporting to quote ISIS fighters on why they reject a Mosul Christian’s attempt to stay and pay the jizya — “we wanted to meet with your priests and they said no” — the report neglects to give the Church’s side of the story. It gives the impression that ISIS gave Iraq’s Christians a reasonable deal but that Christian leaders refused it and therefore have themselves to blame.

That conclusion is reinforced in another passage in the museum report: “It is unknown whether Christians who were given the option to pay a jizya or leave, instead of convert or face death, would still be given this option should they return now.” This speculation, of course, is preposterous. ISIS doesn’t respect Christians. It beheads or enslaves them. The museum report is compromised by its failure ever to present the viewpoint of Christian leaders.

Opa Zignago, Milanello esercita la stock option

A una settimana dalla fine dell'Opa dei «Marzottini» su Zignago . l'amministratore delegato del gruppo di Portogruaro ha esercitato le sue stock option. Si tratta di 120mila titoli, che Angelo Milanello ha pagato 13,953 euro e che gli garantirebbero una plusvalenza di 557mila euro qualora aderisse all'Opa volontaria a 18,6 euro per azione. L'esercizio delle stock option sembra un chiaro segnale che, a offerta conclusa, Milanello verrà sollevato dall'incarico.

Intanto ieri la cordata dei «Marzottini» aveva raccolto l'88,83% del capitale e al termine dell'offerta convocherà un'assemblea soci per eleggere il nuovo board. Intanto in Borsa si scommette già sui futuri vertici di Zignago.

Estratto da Finanza&Mercati del 6/09/05 a cura di Pambianconews

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Asset deal” vs “share deal”: vantaggi e svantaggi a confronto, con particolare attenzione all’aspetto ﬁscale

Numerose sono ogni anno le operazioni che consentono la circolazione di interi patrimoni aziendali. Presa la decisone di procedere con un’acquisizione si pone per acquirente e venditore l’importante quesito relativo alla struttura dell’operazione. Due sono le principali possibilità: la cessione di partecipazioni (c. d. “share deal”) e la cessione di azienda o di un suo ramo (c. d. “asset deal”). La scelta dell’una o dell’altra forma porta con sé importanti conseguenze sia da un punto di vista dei rischi legali, sia da quello del risparmio ﬁscale.

La principale differenza tra le due operazioni consiste nel fatto che mentre con la cessione di azienda si realizza il trasferimento da un soggetto giuridico a un altro di un insieme di beni organizzati per l’esercizio dell’impresa (ad es. immobili, mac - chinari, dipendenti, know how, rapporti contrattuali e debiti e crediti etc.), attraverso la cessione di partecipazioni si ha, in - vece, una circolazione per così dire “indiretta” del patrimonio aziendale, in quanto ad essere trasferita non è direttamente la proprietà del patrimonio aziendale, ma tutte le partecipa - zioni o una percentuale di esse della società che detiene tale patrimonio.

I fattori determinanti nella scelta

La scelta di procedere con uno share deal piuttosto che con un asset deal è nella maggior parte dei casi legata a due principali fattori: la minimizzazione dei rischi legali e la massimizzazione del vantaggio ﬁscale legato all’operazione.

Il principale vantaggio legato a un “asset deal” consiste nella possibilità per l’acquirente di scegliere, d’accordo con il ce - dente, quali elementi dell’azienda includere e quali escludere dall’azienda trasferita (ad esempio, sarà quindi possibile esclu - dere l’immobile ovvero i debiti o i crediti relativi all’azienda). Si comprende bene, quindi, come la possibilità di “scegliere”, consenta all’acquirente di mettersi il più possibile al riparo da eventuali rischi legati alla precedente gestione dell’attività ceduta.

Tale possibilità è, invece, esclusa in caso di una cessione di partecipazioni: con il passaggio della titolarità delle quote/azioni restano, infatti, invariati i rapporti attivi e passivi della società target, così come gli eventuali proﬁli di responsabilità della stessa legati alla precedente gestione, dei quali l’acquirente inevitabilmente dovrà farsi carico.

Di fondamentale importanza è, pertanto, soprattutto in caso di cessione di partecipazioni, la previsione nei testi contrattuali di tutte le necessarie garanzie volte a ridurre il più possibile i rischi per l’acquirente.

I proﬁli ﬁscali

Quanto agli aspetti ﬁscali, sia la cessione di azienda sia la cessione di partecipazioni sono sottoposte a tassazione diretta e indiretta.

In caso di cessione di azienda, la tassazione diretta colpisce la plusvalenza ottenuta dal cedente, ovvero la differenza tra il prezzo di vendita e il costo ﬁscalmente riconosciuto dell’azienda o ramo d’azienda. Per la quantiﬁcazione della tassazione occorre distinguere tra il caso in cui il cedente è una società di capitali, da quello in cui il cedente è una società di persone, con persone ﬁsiche come soci, o un imprenditore individuale. Nel primo caso, la plusvalenza è soggetta a IRES (con appli - cazione dell’aliquota del 27,5%), nel secondo alla normale tassazione come reddito d’impresa IRPEF. Sono poi previsti, in casi particolari, regimi di tassazione agevolata.

Quanto alle imposte indirette gravanti sull’acquirente, occorre premettere che la cessione di un’azienda o ramo d’azienda non rientra nel campo di applicazione dell’IVA. Una cessione di azienda o di ramo d’azienda è sottoposta a imposta di registro proporzionale al valore e alla natura dei beni e, ove siano trasferiti anche immobili, anche all’imposta ipotecaria pari al 2% del valore dell’immobile e catastale pari all’1% di tale valore. È bene ricordare che sussiste la possibilità che l’au - torità ﬁnanziaria esegua accertamenti per stabilire la corretta determinazione del valore dell’avviamento.

È, inﬁne, opportuno tenere presente che il cessionario è responsabile in solido con il cedente, salvo il beneﬁcio della pre - ventiva escussione di quest’ultimo ed entro i limiti del valore dell’azienda, per il pagamento dell’imposta e delle sanzioni riferibili alle violazioni commesse nell’anno in cui è avvenuta la cessione e nei due anni precedenti, nonché per quelle già irrogate e contestate nel medesimo periodo anche se riferite a violazioni commesse in epoche anteriori. Tale responsabilità è limitabile attraverso apposita certiﬁcazione delle pendenze relative all’azienda o ramo d’azienda. Tale limitazione non è però valida nei casi di frode tributaria. Dal punto di vista del cessionario, invece, occorre rilevare che vi è generalmente un vantaggio ﬁscale dato dalla possibilità di ammortizzare, con un valore superiore al valore di libro del cedente, i beni oggetto della cessione.

La tassazione della cessione di partecipazioni

Anche la cessione di partecipazioni è oggetto di tassazione tanto diretta quanto indiretta. In questo caso, la plusvalen - za sulla quale saranno applicate le imposte dirette consiste nella differenza tra il prezzo di vendita e il costo ﬁscalmente riconosciuto della partecipazione. Quanto alle società, occorre distinguere tra società di persone, in relazione alle quali viene tassato il 49,72% della plusvalenza, e società di capitali, in relazione alle quali il regime è diverso, a seconda che esse rientrino nel regime dell’esenzione ﬁscale delle plusvalenze – la c. d. participation exemption (PEX), cioè l’esenzione da tassazione, in presenza di speciﬁche condizioni, del 95% delle plusvalenze realizzate dalla cessione delle azioni/quote di par - tecipazione – o meno. Nel primo caso, solo il 5% della plusvalenza viene tassato ai ﬁni IRES (con applicazione dell’aliquota del 27,5%), nel secondo viene invece tassata ai ﬁni IRES tutta la plusvalenza. Quanto alle persone ﬁsiche detentrici delle partecipazioni, occorre distinguere se queste abbiano o meno una partecipazione qualiﬁcata, superiore cioè al 25% del ca - pitale o al 20% dei diritti di voto (in caso di azioni negoziate in mercati regolamentati, le percentuali si riducono rispetti - vamente al 5% e al 2%). Nel caso ricorra una partecipazione qualiﬁcata, viene tassato il 49,72% della plusvalenza, nel caso ricorra, invece, una partecipazione non qualiﬁcata si applica sulla plusvalenza una ritenuta d’imposta del 20%. Sarà, inol - tre, dovuta un’imposta di registro in misura ﬁssa pari a Euro 168,00 a titolo di imposte indirette.

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Russia plane crash: DNA samples of Kerala couples' kin sent

--> Experts have started retrieving information from the two black boxes despite considerable damage to the flight data and voice recorders. The airport in the Russian city of Rostov-on-Don has reopened, two days after a passenger jet crashed there, killing all 62 on board, including an Indian couple, as investigators continued their probe into the disaster. The Flydubai Boeing.

(CNN)Russia's Rostov-on-Don airport reopened Monday, but the investigation into what caused a commercial jet to crash there last week is far from closed. Russia's Emergencies Ministry said one of its planes was the first to land on the airport's runway since flydubai Flight 981 plunged to the ground two days ago, killing all 62 people on board. Debris from the Boeing 737 crash.

MOSCOW, March 20 (Xinhua) -- An investigation into a passenger jet crash in southern Russia was underway, as experts began to decipher information from one of the two damaged flight data recorders, Russian authorities said on Monday. The Boeing 737-800, operated by Dubai-based budget carrier Flydubai, crashed early Saturday morning at the Rostov-on-Don airport, that killed all.

MOSCOW -- An investigation into a passenger jet crash in southern Russia was underway, as experts began to decipher information from one of the two damaged flight data recorders, Russian authorities said on Monday. The Boeing 737-800, operated by Dubai-based budget carrier Flydubai, crashed early Saturday morning at the Rostov-on-Don airport, that killed all 62 people on board.

MOSCOW // Russian prime minister Dmitry Medvedev ordered officials on Monday to examine whether Russia's flight safety rules need to be tightened up after a passenger jet crashed in southern Russia, killing all 62 people on board. Investigators were trying to repair the voice recorder recovered from the plane, so they could recreate the conversations of the pilots in the.

ROSTOV-ON-DON, Russia -- Aviation experts on Sunday began examining the black boxes from the FlyDubai flight that crashed amid high winds at an airport in southern Russia but said the cockpit voice and data recorders were badly damaged. FlyDubai's Boeing 737-800 from Dubai nosedived and exploded in a giant fireball before dawn Saturday after trying to land for a second time in.

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published: 23 Mar 2016

REPORT: NATO NEEDS TO MOVE TWO BRIGADES CLOSER TO RUSSIA

Sub for more: http://nnn. is/the_new_media | Two years ago, Russia annexed Crimea — and demonstrated why NATO still matters. This week, Russia’s President Vladimir Putin surprised the world again by calling most of his troops home from Syria, leaving us to wonder what his next move might be. Will he focus on Ukraine again, or will he get involved somewhere else in Europe’s south? See the report here: https://youtu. be/M_WvOQOylIc Read more: http://www. defenseone. com/ideas/2016/03/nato-russia-summit-2016/126781/ ------------------------------------------------------------------------------------ SUPPORT THE NETWORK WITH THE LINKS BELOW! ------------------------------------------------------------------------------------ Patreon $5/mo: http://nnn. is/monthly-gift-5 Give once: http://nnn. is/one-time-gift Give BTC: 13Hd1HFqS5CDLCMcFQPWu9wumubo6X2hSM Tip Brian The Editor: http://nextnewsnetwork. com/tip-the-editor/ T-Shirt Shop: http://nnn. is/get-your-gear-here Gold buyer\'s strategy: http://nnn. is/free-gold-secret Teach Your Child About Liberty: http://nnn. is/1HvxU37 Watch Us on Tiger Steam! http://nnn. is/GET-TIGER --- $50 off promocode: BUYTIGERSTREAM Cast your vote in the Selection 2016 Poll: http://nextnewsnetwork. com/election-2016-poll/ ---------------------------------------- Send Us News Tips! ---------------------------------------- http://nextnewsnetwork. com/viewer-submitted-news/ ---------------------------------------- FOLLOW US ON SOCIAL! ---------------------------------------- http://Facebook. com/NextNewsNet http://Twitter. com/NextNewsNet http://NextNewsNetwork.

REPORT: NATO NEEDS TO MOVE TWO BRIGADES CLOSER TO RUSSIA

RUSSIA AND CHINA DECLARE S. KOREAN THADD DEPLOYMENT A SECURITY THREAT

published: 22 Mar 2016

RUSSIA AND CHINA DECLARE S. KOREAN THADD DEPLOYMENT A SECURITY THREAT

Sub for more: http://nnn. is/the_new_media | Moscow and Beijing consider the US deployment of the Terminal High Altitude Air Defense (THAAD) anti-missile system to South Korea to be a threat to Russia and China\'s security, Russian Ambassador to China Andrey Denisov told Sputnik. See the report here: https://youtu. be/JpV8g5RYQCY Read more: http://sputniknews. com/asia/20160321/1036660252/thaad-russia-china-koreas. html ------------------------------------------------------------------------------------ SUPPORT THE NETWORK WITH THE LINKS BELOW! ------------------------------------------------------------------------------------ Patreon $5/mo: http://nnn. is/monthly-gift-5 Give once: http://nnn. is/one-time-gift Give BTC: 13Hd1HFqS5CDLCMcFQPWu9wumubo6X2hSM Tip Brian The Editor: http://nextnewsnetwork. com/tip-the-editor/ T-Shirt Shop: http://nnn. is/get-your-gear-here Gold buyer\'s strategy: http://nnn. is/free-gold-secret Teach Your Child About Liberty: http://nnn. is/1HvxU37 Watch Us on Tiger Steam! http://nnn. is/GET-TIGER --- $50 off promocode: BUYTIGERSTREAM Cast your vote in the Selection 2016 Poll: http://nextnewsnetwork. com/election-2016-poll/ ---------------------------------------- Send Us News Tips! ---------------------------------------- http://nextnewsnetwork. com/viewer-submitted-news/ ---------------------------------------- FOLLOW US ON SOCIAL! ---------------------------------------- http://Facebook. com/NextNewsNet http://Twitter. com/NextNewsNet http://NextNewsNetwork. com Hashtag: #N3.

RUSSIA AND CHINA DECLARE S. KOREAN THADD DEPLOYMENT A SECURITY THREAT

Russia’s withdrawal from Syria explained

published: 17 Mar 2016

Russia’s withdrawal from Syria explained

Support CaspianReport through Patreon: https://www. patreon. com/CaspianReport BAKU - As abruptly as Russia began its military campaign in Syria nearly six months ago, President Putin has ordered the withdrawal of Russian military forces from the country. The President announced that the Russian military had accomplished their mission in Syria and that the estimated 3.000 to 6.000 Russian troops are to withdraw from the country. The process will take about 5 months. However, Putin is not completely abandoning al-Assad. The S-400 surface-to-air missile system, a number of military advisers and as many as two battalions or about 800 servicemen will remain in Syria, spread over two locations. Meaning, Russian forces will remain operational in the Bassel al-Assad air base in Latakia and the naval facility in Tartus. This unexpected move has many wondering why. Especially since for months, the Russian forces, backed by warplanes, missiles, and artillery pieces, have bolstered the al-Assad government. The opposition forces have been pushed back, and ISIS is weaker than it was a few months ago. Russia, together with Iran, have turned around the Syrian battlespace. For the first time, in a long time, al-Assad is gaining the upper hand. However, the rebel forces are not yet defeated, and a Russian withdrawal means a setback for al-Assad. So how does Putin’s withdrawal from Syria fit in the geopolitical grand design of Russia? Soundtrack: Decisions Kevin MacLeod (incompetech. com) Licensed under Creative Commons: By Attribution 3.0 http://creativecommons. org/licenses/by/3.0/ Be s.

Russia’s withdrawal from Syria explained

Russia Threatens Invasion Of North Korea

North Korea’s provocative nuclear rhetoric has gotten so bad even the Kremlin has come out against the hermit kingdom, warning continued nuclear threats could justify an invasion. http://www. infowars. com/russia-threatens-invasion-if-north-korea-nuclear-rhetoric-continues/ Help us spread the word about the liberty movement, we\'re reaching millions help us reach millions more. Share the free live video feed link with your friends & family: http://www. infowars. com/show Follow Alex on TWITTER - https://twitter. com/RealAlexJones Like Alex on FACEBOOK - https://www. facebook. com/AlexanderEmerickJones Infowars on G+ - https://plus. google. com/+infowars/ :Web: http://www. infowars. com/ http://www. prisonplanet. com/ http://www. infowars. net/ :Subscribe and share your login with 20 friends: http://www. prisonplanet. tv http://www. InfowarsNews. com Visit http://www. InfowarsLife. com to get the products Alex Jones and his family trust, while supporting the growth of our expanding media operation. [http://bit. ly/1QYBNBv] Joint Formula™ [http://bit. ly/1nNuR3r] Anthroplex™ [http://bit. ly/1ljfWfJ] Living Defense™ [http://bit. ly/1Iobcj2] Deep Cleanse™ [http://bit. ly/1DsyQ6i] Knockout™ [http://bit. ly/1Kr1yfz] Brain Force™ [http://bit. ly/1R5gsqk] Liver Shield™ [http://bit. ly/1cOwQix] ProstaGuard™ [http://bit. ly/1mnchEz3] Child Ease™ [http://bit. ly/1xs9F6t] WinterSunD3™ [http://bit. ly/1L3gDSO] Ancient Defense™ [http://bit. ly/1EHbA6E] Secret-12™ [http://bit. ly/1txsOge] Oxy Powder™ [http://bit. ly/1s6cphV] Occu Power™ [http://bit. ly/1rGOLsG] DNA Force™ [http://bit. ly/1nIngBb] X2 Survival Shield™ [.

Russia Threatens Invasion Of North Korea

published: 10 Mar 2016

10 Common Things Banned In Russia

Top 10 normal everyday stuff that were made illegal to Russians by Vladimir Putin. Subscribe to our channel: http://goo. gl/9CwQhg Other Videos You Might Like Real People Who Look Like Dolls https://youtu. be/y2EhRFwIzkI 10 Countries With The Most Beautiful People https://youtu. be/rUaFPesQfZk Description: Russia is an impressive land with an impressive history. The largest country on the planet, its lands cross several time zones and stretch from Europe all the way to the edge of North America. Across its vast expanse can be found mountains, deserts, arctic tundra, vast forests, marshlands and massive plains. Its population is large, and at around 145 million is made up of numerous cultures and religions. While Russian is the primary language of the people, there are around 100 other languages spoken in a country which is home to over 150 ethnicities. Historically, Russia has experienced a rather turbulent, if impressive past. Growing to become one of the largest empires in the world, the First World War led to the collapse of country as revolution swept through. Several decades as part of the Soviet Union saw Russia maintain a powerful standing in the world, but that too eventually crumbled. In the 1990s, terrible financial problems and political instability saw Russia’s standing in the world drop markedly. The past decade has seen the country stabilize somewhat under the watch of Vladimir Putin. Under Putin, the country has followed a conservative line, emphasizing traditional values and following policies reminiscent of the Soviet-era. This ‘new’ Russia definitely has.

10 Common Things Banned In Russia

published: 14 Oct 2015

Meanwhile in Russia Compilation #6

published: 21 Mar 2016

Meanwhile in Russia Compilation #6

Russia is not a country. It\'s a state of mind. Meanwhile in Russia. ✔SUBSCRIBE http://goo. gl/w744zR ✔FACEBOOK http://goo. gl/xPr3un ✔TWITTER http://goo. gl/Q1Hywz Автор: FOLLOW US: ✔SUBSCRIBE http://goo. gl/w744zR ✔FACEBOOK http://goo. gl/xPr3un ✔TWITTER http://goo. gl/Q1Hywz ✔ВКОНТАКТЕ http://goo. gl/5FVo8S ✔ PINTERESThttp://goo. gl/LQaOkg ✔Google+ https://goo. gl/p7Zx93 ✔TUMBLR http://goo. gl/cjUzoE We upload only those videos for which we have obtained permission from the copyright holder/owner. If you have any interesting or funny video and you want it to be published in this channel, please contact us. We welcome video suggestions from our viewers, and if you have any questions feel free to ask. If you own the copyright to any video, posted on this channel and this video was mistakenly posted without your permission, please contact us. E-mail: meanwhilerussia@gmail. com Мы загружаем только те видео, на которые мы получили разрешение от правообладателя / владельца. Если у вас есть интересное или смешное видео и вы хотите, чтобы оно было опубликовано на этом канале, свяжитесь с нами. Мы приветствуем любые предложения и пожелания от наших зрителей и если у вас есть какие-то вопросы, не стесняйтесь спрашивать. Если вы обладаете авторскими правами на какое-либо видео, размещенное на этом канале и это видео было по ошибке размещено без вашего согласия, пожалуйста, свяжитесь с нами. E-mail: meanwhilerussia@gmail. com.

Meanwhile in Russia Compilation #6

published: 21 Mar 2016

Classic Putin moments: Putin Laughs Off Hilary Clinton's Threat To Russia

published: 22 Mar 2016

Classic Putin moments: Putin Laughs Off Hilary Clinton's Threat To Russia

More daily reality snacks at: http://russia-insider. com Oldie but a goldie. fsa islamic terrorism стариков информационная война запад сми media propaganda deutschland liers пропаганда western media bias us сталин neocons hillary clinton john mccain obama hawks republicans democrats trump sanders rubio ted cruz iraq syria iran saudi arabi turkey erdogan regugees crises migrants assad syrian army nazism neonazi azov crimea hitler nazi germany swastika savchenko putin john kerry state department eu parliament war crimes crime against humanity hrw amnesty international war crimes terrorism terrorists timoshenko poroshenko yatsenyuk turchinov maidan euromaidan western ukraine uniates greek catholic church pope humans civilians uk usa western media bbc cnn nbc abc sky news fox germany dutch politiek neocons democratie oekraine russia ukraine obama rotterdam holland western media propaganda burgers nederlandse krant de telegraaf george soros russophobia referendum amsterdam rotterdam bernard bot eu brussels juncker hitler putin utrecht den haag oekraine referendum media holland alternative media alex jones rt russia today john mccain roc russian orthodox church Christianity православие conservative party UK Poland Libya baltic states lithuania estonia anti-Russian sanctions.

Classic Putin moments: Putin Laughs Off Hilary Clinton's Threat To Russia

A helicopter is a type of rotorcraft in which lift and thrust are supplied by rotors. This allows the helicopter to take off and land vertically, to hover, and to fly forward, backward, and laterally. These attributes allow helicopters to be used in congested or isolated areas where fixed-wing aircraft and many forms of VTOL (vertical takeoff and landing) aircraft cannot perform.

The word helicopter is adapted from the French language hélicoptère, coined by Gustave Ponton d’Amécourt in 1861, which originates from the Greek helix (. ) “helix, spiral, whirl, convolution” and pteron (pte. ) “wing”. English-language nicknames for helicopter include “chopper”, “copter”, “helo”, “heli”, “huey” and “whirlybird”.

Helicopters were developed and built during the first half-century of flight, with the Focke-Wulf Fw 61 being the first operational helicopter in 1936. Some helicopters reached limited production, but it was not until 1942 that a helicopter designed by Igor Sikorsky reached full-scale production, with 131 aircraft built.[7] Though most earlier designs used more than one main rotor, it is the single main rotor with anti-torque tail rotor configuration that has become the most common helicopter configuration. Tandem rotor helicopters are also in widespread use due to their greater payload capacity. Coaxial helicopters, tiltrotor aircraft, and compound helicopters are all flying today. Quadcopter helicopters pioneered as early as 1907 in France, and other types of multicopter have been developed for specialized applications such as unmanned drones.

History* The earliest references for vertical flight have come from China. Since around 400 BC, Chinese children have played with bamboo flying toys. This bamboo-copter is spun by rolling a stick attached to a rotor. The spinning creates lift, and the toy flies when released. The 4th-century AD Daoist book Baopuzi by Ge Hong (. “Master who Embraces Simplicity”) reportedly describes some of the ideas inherent to rotary wing aircraft.

This Chinese helicopter toy was introduced into Europe and appeared in Renaissance paintings and other works. Early Western scientists developed flying machines based on the original Chinese model.

It was not until the early 1480s, when Leonardo da Vinci created a design for a machine that could be described as an “aerial screw”, that any recorded advancement was made towards vertical flight. His notes suggested that he built small flying models, but there were no indications for any provision to stop the rotor from making the craft rotate. As scientific knowledge increased and became more accepted, men continued to pursue the idea of vertical flight. Many of these later models and machines would more closely resemble the ancient bamboo flying top with spinning wings, rather than Leonardo’s screw.

First flights* In 1906, two French brothers, Jacques and Louis Breguet, began experimenting with airfoils for helicopters. In 1907, those experiments resulted in the Gyroplane No.1, possibly as the earliest known example of a quadcopter. Although there is some uncertainty about the date, sometime between 14 August and 29 September 1907, the Gyroplane No. 1 lifted its pilot into the air about two feet (0.6 m) for a minute. The Gyroplane No. 1 proved to be extremely unsteady and required a man at each corner of the airframe to hold it steady. For this reason, the flights of the Gyroplane No. 1 are considered to be the first manned flight of a helicopter, but not a free or untethered flight.

That same year, fellow French inventor Paul Cornu designed and built a Cornu helicopter that used two 20-foot (6 m) counter-rotating rotors driven by a 24 hp (18 kW) Antoinette engine. On 13 November 1907, it lifted its inventor to 1 foot (0.3 m) and remained aloft for 20 seconds. Even though this flight did not surpass the flight of the Gyroplane No. 1, it was reported to be the first truly free flight with a pilot. [n 1] Cornu’s helicopter completed a few more flights and achieved a height of nearly 6.5 feet (2 m), but it proved to be unstable and was abandoned.

Early development* In the early 1920s, Argentine Raúl Pateras-Pescara de Castelluccio, while working in Europe, demonstrated one of the first successful applications of cyclic pitch. Coaxial, contra-rotating, biplane rotors could be warped to cyclically increase and decrease the lift they produced. The rotor hub could also be tilted forward a few degrees, allowing the aircraft to move forward without a separate propeller to push or pull it. Pateras-Pescara was also able to demonstrate the principle of autorotation. By January 1924, Pescara’s helicopter No. 1 was tested but was found to be underpowered and could not lift its own weight. His 2F fared better and set a record. The British government funded further research by Pescara which resulted in helicopter No. 3, powered by a 250 hp radial engine which could fly for up to ten minutes.

On 14 April 1924 Frenchman Étienne Oehmichen set the first helicopter world record recognized by the Fédération Aéronautique Internationale (FAI), flying his quadrotor helicopter 360 meters (1,181 ft).On 18 April 1924, Pescara beat Oemichen’s record, flying for a distance of 736 meters (nearly a half mile) in 4 minutes and 11 seconds (about 8 mph, 13 km/h), maintaining a height of six feet (1.8 meters). On 4 May, Oehmichen set the first 1 km closed-circuit helicopter flight in 7 minutes 40 seconds with his No. 2 machine.

In the US, George de Bothezat built the quadrotor helicopter de Bothezat helicopter for the United States Army Air Service but the Army cancelled the program in 1924, and the aircraft was scrapped.

Albert Gillis von Baumhauer, a Dutch aeronautical engineer, began studying rotorcraft design in 1923. His first prototype “flew” (“hopped” and hovered in reality) on 24 September 1925, with Dutch Army-Air arm Captain Floris Albert van Heijst at the controls. The controls that Captain van Heijst used were Von Baumhauer’s inventions, the cyclic and collective. Patents were granted to von Baumhauer for his cyclic and collective controls by the British ministry of aviation on 31 January 1927, under patent number 265,272.

In 1928, Hungarian aviation engineer Oszkár Asbóth constructed a helicopter prototype that took off and landed at least 182 times, with a maximum single flight duration of 53 minutes.

In 1930, the Italian engineer Corradino D’Ascanio built his D’AT3, a coaxial helicopter. His relatively large machine had two, two-bladed, counter-rotating rotors. Control was achieved by using auxiliary wings or servo-tabs on the trailing edges of the blades, a concept that was later adopted by other helicopter designers, including Bleeker and Kaman. Three small propellers mounted to the airframe were used for additional pitch, roll, and yaw control. The D’AT3 held modest FAI speed and altitude records for the time, including altitude (18 m or 59 ft), duration (8 minutes 45 seconds) and distance flown (1,078 m or 3,540 ft).

In the Soviet Union, Boris N. Yuriev and Alexei M. Cheremukhin, two aeronautical engineers working at the Tsentralniy Aerogidrodinamicheskiy Institut (TsAGI, the Central Aerohydrodynamic Institute), constructed and flew the TsAGI 1-EA single rotor helicopter, which used an open tubing framework, a four-blade main rotor, and twin sets of 1.8-meter (6-foot) diameter, two-bladed anti-torque rotors: one set of two at the nose and one set of two at the tail. Powered by two M-2 powerplants, up-rated copies of the Gnome Monosoupape 9 Type B-2 100 CV output rotary radial engine of World War I, the TsAGI 1-EA made several low altitude flights. By 14 August 1932, Cheremukhin managed to get the 1-EA up to an unofficial altitude of 605 meters (1,985 ft), shattering d’Ascanio’s earlier achievement. As the Soviet Union was not yet a member of the FAI, however, Cheremukhin’s record remained unrecognized.

Nicolas Florine, a Russian engineer, built the first twin tandem rotor machine to perform a free flight. It flew in Sint-Genesius-Rode, at the Laboratoire Aérotechnique de Belgique (now von Karman Institute) in April 1933, and attained an altitude of six meters (20 ft) and an endurance of eight minutes. Florine chose a co-rotating configuration because the gyroscopic stability of the rotors would not cancel. Therefore, the rotors had to be tilted slightly in opposite directions to counter torque. Using hingeless rotors and co-rotation also minimised the stress on the hull. At the time, it was one of the most stable helicopters in existence.

The Bréguet-Dorand Gyroplane Laboratoire was built in 1933. It was a coaxial helicopter, contra-rotating. After many ground tests and an accident, it first took flight on 26 June 1935. Within a short time, the aircraft was setting records with pilot Maurice Claisse at the controls. On 14 December 1935, he set a record for closed-circuit flight with a 500-meter (1,600 ft) diameter. The next year, on 26 September 1936, Claisse set a height record of 158 meters (520 ft). And, finally, on 24 November 1936, he set a flight duration record of one hour, two minutes and 50 seconds over a 44 kilometer (27 mi) closed circuit at 44.7 kilometers per hour (27.8 mph). The aircraft was destroyed in 1943 by an Allied airstrike at Villacoublay airport.

Arthur M. Young, American inventor, started work on model helicopters in 1928 using converted electric hover motors to drive the rotor head. Young invented the stabilizer bar and patented it shortly after. A mutual friend introduced Young to Lawrence Dale, who once seeing his work asked him to join the Bell Aircraft company. When Young arrived at Bell in 1941, he signed his patent over and began work on the helicopter. His budget was US$250,000 to build 2 working helicopters. In just 6 months they completed the first Bell Model 1, which spawned the Bell Model 30, later succeeded by the Bell 47.

Marine biology is the scientific study of organisms in the ocean or other marine or brackish bodies of water. Given that in biology many phyla, families and genera have some species that live in the sea and others that live on land, marine biology classifies species based on the environment rather than on taxonomy. Marine biology differs from marine ecology as marine ecology is focused on how organisms interact with each other and the environment, while biology is the study of the organisms themselves.

A large proportion of all life on Earth lives in the ocean. Exactly how large the proportion is unknown, since many ocean species are still to be discovered. The ocean is a complex three-dimensional world covering about 71% of the Earth’s surface. The habitats studied in marine biology include everything from the tiny layers of surface water in which organisms and abiotic items may be trapped in surface tension between the ocean and atmosphere, to the depths of the oceanic trenches, sometimes 10,000 meters or more beneath the surface of the ocean. Specific habitats include coral reefs, kelp forests, seagrass meadows, the surrounds of seamounts and thermal vents, tidepools, muddy, sandy and rocky bottoms, and the open ocean (pelagic) zone, where solid objects are rare and the surface of the water is the only visible boundary. The organisms studied range from microscopic phytoplankton and zooplankton to huge cetaceans (whales) 30 meters (98 feet) in length.

Marine life is a vast resource, providing food, medicine, and raw materials, in addition to helping to support recreation and tourism all over the world. At a fundamental level, marine life helps determine the very nature of our planet. Marine organisms contribute significantly to the oxygen cycle, and are involved in the regulation of the Earth’s climate.[4] Shorelines are in part shaped and protected by marine life, and some marine organisms even help create new land.

Many species are economically important to humans, including food fish (both finfish and shellfish). It is also becoming understood that the well-being of marine organisms and other organisms are linked in very fundamental ways. The human body of knowledge regarding the relationship between life in the sea and important cycles is rapidly growing, with new discoveries being made nearly every day. These cycles include those of matter (such as the carbon cycle) and of air (such as Earth’s respiration, and movement of energy through ecosystems including the ocean). Large areas beneath the ocean surface still remain effectively unexplored.

History* Early instances of the study of marine biology trace back to Aristotle (384–322 BC) who made several contributions which laid the foundation for many future discoveries and were the first big step in the early exploration period of the ocean and marine life. In 1768, Samuel Gottlieb Gmelin (1744–1774) published the Historia Fucorum, the first work dedicated to marine algae and the first book on marine biology to use the then new binomial nomenclature of Linnaeus. It included elaborate illustrations of seaweed and marine algae on folded leaves. The British naturalist Edward Forbes (1815–1854) is generally regarded as the founder of the science of marine biology. The pace of oceanographic and marine biology studies quickly accelerated during the course of the 19th century.

The observations made in the first studies of marine biology fuelled the age of discovery and exploration that followed. During this time, a vast amount of knowledge was gained about the life that exists in the oceans of the world. Many voyages contributed significantly to this pool of knowledge. Among the most significant were the voyages of the HMS Beagle where Charles Darwin came up with his theories of evolution and on the formation of coral reefs. Another important expedition was undertaken by HMS Challenger, where findings were made of unexpectedly high species diversity among fauna stimulating much theorizing by population ecologists on how such varieties of life could be maintained in what was thought to be such a hostile environment. This era was important for the history of marine biology but naturalists were still limited in their studies because they lacked technology that would allow them to adequately examine species that lived in deep parts of the oceans.

The creation of marine laboratories was important because it allowed marine biologists to conduct research and process their specimens from expeditions. The oldest marine laboratory in the world, Station biologique de Roscoff, was established in France in 1872. In the United States, the Scripps Institution of Oceanography dates back to 1903, while the prominent Woods Hole Oceanographic Institute was founded in 1930. The development of technology such as sound navigation ranging, scuba diving gear, submersibles and remotely operated vehicles allowed marine biologists to discover and explore life in deep oceans that was once thought to not exist.

Subfields* The marine ecosystem is large, and thus there are many sub-fields of marine biology. Most involve studying specializations of particular animal groups, such as phycology, invertebrate zoology and ichthyology.

Other subfields study the physical effects of continual immersion in sea water and the ocean in general, adaptation to a salty environment, and the effects of changing various oceanic properties on marine life. A subfield of marine biology studies the relationships between oceans and ocean life, and global warming and environmental issues (such as carbon dioxide displacement).

Recent marine biotechnology has focused largely on marine biomolecules, especially proteins, that may have uses in medicine or engineering. Marine environments are the home to many exotic biological materials that may inspire biomimetic materials.

Marine biology is a branch of biology and is closely linked to oceanography. It also encompasses many ideas from ecology. Fisheries science and marine conservation can be considered partial offshoots of marine biology (as well as environmental studies). Marine Chemistry, Physical oceanography and Atmospheric sciences are closely related to this field.

Fungi* Over 1500 species of fungi are known from marine environments. These parasitize marine algae or animals, or are saprobes on algae, corals, protozoan cysts, sea grasses, wood and other substrata, and can also be found in sea foam.[19] Spores of many species have special appendages which facilitate attachment to the substratum. A very diverse range of unusual secondary metabolites is produced by marine fungi.

Plants and algae* Microscopic algae and plants provide important habitats for life, sometimes acting as hiding and foraging places for larval forms of larger fish and invertebrates.

Algal life is widespread and very diverse under the ocean. Microscopic photosynthetic algae contribute a larger proportion of the world’s photosynthetic output than all the terrestrial forests combined. Most of the niche occupied by sub plants on land is actually occupied by macroscopic algae in the ocean, such as Sargassum and kelp, which are commonly known as seaweeds that creates kelp forests.

Plants that survive in the sea are often found in shallow waters, such as the seagrasses (examples of which are eelgrass, Zostera, and turtle grass, Thalassia). These plants have adapted to the high salinity of the ocean environment. The intertidal zone is also a good place to find plant life in the sea, where mangroves or cordgrass or beach grass might grow. Microscopic algae and plants provide important habitats for life, sometimes acting as hiding and foraging places for larval forms of larger fish and invertebrates.

A chemical weapon (CW) is a munition that uses chemicals formulated to inflict death or harm on human beings. The Organisation for the Prohibition of Chemical Weapons (OPCW) states:

The term chemical weapon may also be applied to any toxic chemical or its precursor that can cause death, injury, temporary incapacitation or sensory irritation through its chemical action. Munitions or other delivery devices designed to deliver chemical weapons, whether filled or unfilled, are also considered weapons themselves.

They are classified as weapons of mass destruction (WMDs), though they are distinct from nuclear weapons, biological weapons (diseases), and radiological weapons (which use radioactive decay of elements). All may be used in warfare known by the military acronym NBC, for nuclear, biological, and chemical warfare. Weapons of mass destruction are distinct from conventional weapons, which are primarily effective due to their explosive, kinetic, or incendiary potential. Chemical weapons can be widely dispersed in gas, liquid and solid forms, and may easily afflict others than the intended targets. Nerve gas, tear gas and pepper spray are three modern examples.

Lethal, unitary, chemical agents and munitions are extremely volatile and they constitute a class of hazardous chemical weapons that are now being stockpiled by many nations. (Unitary agents are effective on their own and require no mixing with other agents.) The most dangerous of these are nerve agents GA, GB, GD, and VX, and vesicant (blister) agents which are formulations of sulfur mustard such as H, HT, and HD. All are liquids at normal room temperature, but become gaseous when released. Widely used during the First World War, the effects of so-called mustard gas, phosgene gas and others caused lung searing, blindness, death and maiming.

Under the Chemical Weapons Convention (1993), there is a legally binding, world-wide ban on the production, stockpiling, and use of chemical weapons and their precursors. Notwithstanding, large stockpiles thereof continue to exist, usually justified as only a precaution against putative use by an aggressor.

Disposal* The stockpiles, which have been maintained for more than 50 years, are now considered obsolete. Public Law 99-145, contains section 1412 which directs the Department of Defense (DOD) to dispose of the stockpiles. This directive fell upon the DOD with joint cooperation from the Federal Emergency Management Agency (FEMA). The Congressional directive has resulted in the present Chemical Stockpile Disposal Program.

Some places where chemical weapons were tested, such as the San Jose Project in Panama, were not included in the disposal program. Thousands of mines on the island are still full of chemical gas and can be set off by passersby.

Historically, chemical munitions have been disposed of by land burial, open burning, and ocean dumping (referred to as Operation CHASE). However, in 1969, the National Research Council (NRC) recommended that ocean dumping be discontinued. The Army then began a study of disposal technologies, including the assessment of incineration as well as chemical neutralization methods. In 1982, that study culminated in the selection of incineration technology, which is now incorporated into what is known as the baseline system. Construction of the Johnston Atoll Chemical Agent Disposal System (JACADS) began in 1985.

This was to be a full-scale prototype facility using the baseline system. The prototype was a success but there were still many concerns about CONUS operations. To address growing public concern over incineration, Congress, in 1992, directed the Army to evaluate alternative disposal approaches that might be “significantly safer”, more cost effective, and which could be completed within the established time frame. The Army was directed to report to Congress on potential alternative technologies by the end of 1993, and to include in that report—”any recommendations that the National Academy of Sciences makes…”. In June 2007 the disposal program achieved a milestone reaching 45% destruction of the chemical weapon stockpile. The Chemical Materials Agency (CMA) releases regular updates to the public regarding the status of the disposal program. By October 2010, the program had reached 80% destruction status.

Lethality* Chemical weapons are said to “make deliberate use of the toxic properties of chemical substances to inflict death”. At the start of World War II it was reported in newspapers that “entire regions of Europe” would be turned into “lifeless wastelands”. However, chemical weapons were not used to the extent feared.

An unintended chemical weapon release occurred at the port of Bari. A German attack on the evening of December 2, 1943, damaged U. S. vessels in the harbour and the resultant release of mustard gas inflicted a total of 628 casualties.

The U. S. Government was highly criticized for exposing American service members to chemical agents while testing the effects of exposure. These tests were often performed without the consent or prior knowledge of the soldiers affected. Many Australian service personnel were also exposed as a result of the “Brook Island trials” carried out by the British Government to determine the likely consequences of chemical attack in tropical conditions, about which little was then known. Some chemical agents are designed to produce mind-altering changes, rendering the victim unable to perform their assigned mission. These are classified as incapacitating agents, and lethality is not a factor of their effectiveness.

Unitary versus binary weapons* Binary munitions contain two, unmixed and isolated chemicals which do not react to produce lethal effects until mixed. This usually happens just prior to battlefield use. In contrast, unitary weapons are lethal chemical munitions which produce a toxic result in their existing state. The majority of the chemical weapon stockpile is unitary and most of it is stored in one-ton bulk containers.

In simplest terms, radiobiology (also known as radiation biology) is a field of clinical and basic medical sciences that involves the study of the action of ionizing radiation on living things.

Health effects* Ionizing radiation is generally harmful and potentially lethal to living things but can have health benefits in radiation therapy for the treatment of cancer and thyrotoxicosis. Its most common impact is the induction of cancer with a latent period of years or decades after exposure. High doses can cause visually dramatic radiation burns, and/or rapid fatality through acute radiation syndrome. Controlled doses are used for medical imaging and radiotherapy. Some scientists suspect that low doses may have a mild hormetic effect that can improve health.

Some effects of ionizing radiation on human health are stochastic, meaning that their probability of occurrence increases with dose, while the severity is independent of dose.[2] Radiation-induced cancer, teratogenesis, cognitive decline, and heart disease are all examples of stochastic effects. Other conditions such as radiation burns, acute radiation syndrome, chronic radiation syndrome, and radiation-induced thyroiditis are deterministic, meaning they reliably occur above a threshold dose, and their severity increases with dose.[2] Deterministic effects are not necessarily more or less serious than stochastic effects; either can ultimately lead to a temporary nuisance or a fatality.

Other effects include radiation-induced lung injury, cataracts, and infertility.

Quantitative data on the effects of ionizing radiation on human health is relatively limited compared to other medical conditions because of the low number of cases to date, and because of the stochastic nature of some of the effects. Stochastic effects can only be measured through large epidemiological studies where enough data has been collected to remove confounding factors such as smoking habits and other lifestyle factors. The richest source of high-quality data comes from the study of Japanese atomic bomb survivors. In vitro and animal experiments are informative, but radioresistance varies greatly across species.

The consensus of the nuclear industry, regulators and governments regarding radiation health effects is expressed by the International Commission on Radiological Protection. (ICRP) Other important organizations studying the topic include

International Commission on Radiation Units and Measurements (ICRU) United Nations Scientific Committee on the Effects of Atomic Radiation (UNSCEAR) US National Council on Radiation Protection and Measurements (NCRP) UK Public Health England US National Academy of Sciences (NAS through the BEIR studies) French Institut de radioprotection et de sûreté nucléaire (IRSN) European Committee on Radiation Risk (ECRR)

Exposure Pathways* External* External exposure is exposure which occurs when the radioactive source (or other radiation source) is outside (and remains outside) the organism which is exposed. Examples of external exposure include:

A person who places a sealed radioactive source in his pocket A space traveller who is irradiated by cosmic rays A person who is treated for cancer by either teletherapy or brachytherapy. While in brachytherapy the source is inside the person it is still considered external exposure because it does not result in a committed dose. A nuclear worker whose hands have been dirtied with radioactive dust. Assuming that his hands are cleaned before any radioactive material can be absorbed, inhaled or ingested, skin contamination is considered external exposure.

External exposure is relatively easy to estimate, and the irradiated organism does not become radioactive, except for a case where the radiation is an intense neutron beam which causes activation.

Internal* Internal exposure occurs when the radioactive material enters the organism, and the radioactive atoms become incorporated into the organism. This can occur through inhalation, ingestion, or injection. Below are a series of examples of internal exposure.

The exposure caused by potassium-40 present within a normal person. The exposure to the ingestion of a soluble radioactive substance, such as 89Sr in cows’ Leche. A person who is being treated for cancer by means of a radiopharmaceutical where a radioisotope is used as a drug (usually a liquid or pill). A review of this topic was published in 1999. Because the radioactive material becomes intimately mixed with the affected object it is often difficult to decontaminate the object or person in a case where internal exposure is occurring. While some very insoluble materials such as fission products within a uranium dioxide matrix might never be able to truly become part of an organism, it is normal to consider such particles in the lungs and digestive tract as a form of internal contamination which results in internal exposure. Boron neutron capture therapy (BNCT) involves injecting a boron-10 tagged chemical that preferentially binds to tumor cells. Neutrons from a nuclear reactor are shaped by a neutron moderator to the neutron energy spectrum suitable for BNCT treatment. The tumor is selectively bombarded with these neutrons. The neutrons quickly slow down in the body to become low energy thermal neutrons. These thermal neutrons are captured by the injected boron-10, forming excited (boron-11) which breaks down into lithium-7 and a helium-4 alpha particle both of these produce closely spaced ionizing radiation. This concept is described as a binary system using two separate components for the therapy of cancer. Each component in itself is relatively harmless to the cells, but when combined together for treatment they produce a highly cytocidal (cytotoxic) effect which is lethal (within a limited range of 5-9 micrometers or approximately one cell diameter). Clinical trials, with promising results, are currently carried out in Finland and Japan. When radioactive compounds enter the human body, the effects are different from those resulting from exposure to an external radiation source. Especially in the case of alpha radiation, which normally does not penetrate the skin, the exposure can be much more damaging after ingestion or inhalation. The radiation exposure is normally expressed as a committed dose. History* Although radiation was discovered in late 19th century, the dangers of radioactivity and of radiation were not immediately recognized. Acute effects of radiation were first observed in the use of X-rays when Wilhelm Röntgen intentionally subjected his fingers to X-rays in 1895. He published his observations concerning the burns that developed, though he misattributed them to ozone, a free radical produced in air by X-rays. Other free radicals produced within the body are now understood to be more important. His injuries healed later.

As a field of medical sciences, radiobiology originated from Leopold Freund’s 1896 demonstration of the therapeutic treatment of a hairy mole using a new type of electromagnetic radiation called x-rays, which was discovered 1 year previously by the German physicist, Wilhelm Röntgen. After irradiating frogs and insects with X-rays in early 1896, Ivan Romanovich Tarkhanov concluded that these newly discovered rays not only photograph, but also “affect the living function”. At the same time, Pierre and Marie Curie discovered the radioactive polonium and radium later used to treat cancer.

The genetic effects of radiation, including the effects on cancer risk, were recognized much later. In 1927 Hermann Joseph Muller published research showing genetic effects, and in 1946 was awarded the Nobel prize for his findings.

Before the biological effects of radiation were known, many physicians and corporations had begun marketing radioactive substances as patent medicine and radioactive quackery. Examples were radium enema treatments, and radium-containing waters to be drunk as tonics. Marie Curie spoke out against this sort of treatment, warning that the effects of radiation on the human body were not well understood. Curie later died of aplastic anemia caused by radiation poisoning. Eben Byers, a famous American socialite, died of multiple cancers (but not acute radiation syndrome) in 1932 after consuming large quantities of radium over several years; his death drew public attention to dangers of radiation. By the 1930s, after a number of cases of bone necrosis and death in enthusiasts, radium-containing medical products had nearly vanished from the market.

The atomic bombings of Hiroshima and Nagasaki resulted in a large number of incidents of radiation poisoning, allowing for greater insight into its symptoms and dangers. Red Cross Hospital Surgeon, Dr. Terufumi Sasaki led intensive research into the Syndrome in the weeks and months following the Hiroshima bombings. Dr Sasaki and his team were able to monitor the effects of radiation in patients of varying proximities to the blast itself, leading to the establishment of three recorded stages of the syndrome. Within 25-30 days of the explosion, the Red Cross surgeon noticed a sharp drop in white blood cell count and established this drop, along with symptoms of fever, as prognostic standards for Acute Radiation Syndrome. Actress Midori Naka, who was present during the atomic bombing of Hiroshima, was the first incident of radiation poisoning to be extensively studied. Her death on August 24, 1945 was the first death ever to be officially certified as a result of radiation poisoning (or “Atomic bomb disease”).

Medical availability and clinical practice varies across the world due to regional differences in culture and technology. Modern scientific medicine is highly developed in the Western world, while in developing countries such as parts of Africa or Asia, the population may rely more heavily on traditional medicine with limited evidence and efficacy and no required formal training for practitioners. Even in the developed world however, evidence-based medicine is not universally used in clinical practice; for example, a 2007 survey of literature reviews found that about 49% of the interventions lacked sufficient evidence to support either benefit or harm.

In modern clinical practice, doctors personally assess patients in order to diagnose, treat, and prevent disease using clinical judgment. The doctor-patient relationship typically begins an interaction with an examination of the patient’s medical history and medical record, followed by a medical interview and a physical examination. Basic diagnostic medical devices (e. g. stethoscope, tongue depressor) are typically used. After examination for signs and interviewing for symptoms, the doctor may order medical tests (e. g. blood tests), take a biopsy, or prescribe pharmaceutical drugs or other therapies. Differential diagnosis methods help to rule out conditions based on the information provided. During the encounter, properly informing the patient of all relevant facts is an important part of the relationship and the development of trust. The medical encounter is then documented in the medical record, which is a legal document in many jurisdictions. Follow-ups may be shorter but follow the same general procedure, and specialists follow a similar process. The diagnosis and treatment may take only a few minutes or a few weeks depending upon the complexity of the issue.

Institutions* Contemporary medicine is in general conducted within health care systems. Legal, credentialing and financing frameworks are established by individual governments, augmented on occasion by international organizations, such as churches. The characteristics of any given health care system have significant impact on the way medical care is provided.

From ancient times, Christian emphasis on practical charity gave rise to the development of systematic nursing and hospitals and the Catholic Church today remains the largest non-government provider of medical services in the world. Advanced industrial countries (with the exception of the United States) and many developing countries provide medical services through a system of universal health care that aims to guarantee care for all through a single-payer health care system, or compulsory private or co-operative health insurance. This is intended to ensure that the entire population has access to medical care on the basis of need rather than ability to pay. Delivery may be via private medical practices or by state-owned hospitals and clinics, or by charities, most commonly by a combination of all three.

Most tribal societies provide no guarantee of healthcare for the population as a whole. In such societies, healthcare is available to those that can afford to pay for it or have self-insured it (either directly or as part of an employment contract) or who may be covered by care financed by the government or tribe directly. Modern drug ampoules Transparency of information is another factor defining a delivery system. Access to information on conditions, treatments, quality, and pricing greatly affects the choice by patients/consumers and, therefore, the incentives of medical professionals. While the US healthcare system has come under fire for lack of openness, new legislation may encourage greater openness. There is a perceived tension between the need for transparency on the one hand and such issues as patient confidentiality and the possible exploitation of information for commercial gain on the other.

Delivery* Provision of medical care is classified into primary, secondary, and tertiary care categories.

Primary care medical services are provided by physicians, physician assistants, nurse practitioners, or other health professionals who have first contact with a patient seeking medical treatment or care. These occur in physician offices, clinics, nursing homes, schools, home visits, and other places close to patients. About 90% of medical visits can be treated by the primary care provider. These include treatment of acute and chronic illnesses, preventive care and health education for all ages and both sexes.

Secondary care medical services are provided by medical specialists in their offices or clinics or at local community hospitals for a patient referred by a primary care provider who first diagnosed or treated the patient. Referrals are made for those patients who required the expertise or procedures performed by specialists. These include both ambulatory care and inpatient services, emergency rooms, intensive care medicine, surgery services, physical therapy, labor and delivery, endoscopy units, diagnostic laboratory and medical imaging services, hospice centers, etc. Some primary care providers may also take care of hospitalized patients and deliver babies in a secondary care setting.

Tertiary care medical services are provided by specialist hospitals or regional centers equipped with diagnostic and treatment facilities not generally available at local hospitals. These include trauma centers, burn treatment centers, advanced neonatology unit services, organ transplants, high-risk pregnancy, radiation oncology, etc.

Modern medical care also depends on information – still delivered in many health care settings on paper records, but increasingly nowadays by electronic means.

In low-income countries, modern healthcare is often too expensive for the average person. International healthcare policy researchers have advocated that “user fees” be removed in these areas to ensure access, although even after removal, significant costs and barriers remain.

Branches* Working together as an interdisciplinary team, many highly trained health professionals besides medical practitioners are involved in the delivery of modern health care. Examples include: nurses, emergency medical technicians and paramedics, laboratory scientists, pharmacists, podiatrists, physiotherapists, respiratory therapists, speech therapists, occupational therapists, radiographers, dietitians, and bioengineers, surgeons, surgeon’s assistant, surgical technologist.

The scope and sciences underpinning human medicine overlap many other fields. Dentistry, while considered by some a separate discipline from medicine, is a medical field.

A patient admitted to the hospital is usually under the care of a specific team based on their main presenting problem, e. g., the Cardiology team, who then may interact with other specialties, e. g. surgical, radiology, to help diagnose or treat the main problem or any subsequent complications/developments.

Physicians have many specializations and subspecializations into certain branches of medicine, which are listed below. There are variations from country to country regarding which specialties certain subspecialties are in.

The main branches of medicine are:

Basic sciences of medicine; this is what every physician is educated in, and some return to in biomedical research Medical specialties Interdisciplinary fields, where different medical specialties are mixed to function in certain occasions.

Anatomy is the study of the physical structure of organisms. In contrast to macroscopic or gross anatomy, cytology and histology are concerned with microscopic structures. Biochemistry is the study of the chemistry taking place in living organisms, especially the structure and function of their chemical components. Biomechanics is the study of the structure and function of biological systems by means of the methods of Mechanics. Biostatistics is the application of statistics to biological fields in the broadest sense. A knowledge of biostatistics is essential in the planning, evaluation, and interpretation of medical research. It is also fundamental to epidemiology and evidence-based medicine. Biophysics is an interdisciplinary science that uses the methods of physics and physical chemistry to study biological systems. Cytology is the microscopic study of individual cells.

1. Louis Pasteur in his laboratory, 1885 2. Embryology is the study of the early development of organisms. 3. Endocrinology is the study of hormones and their effect throughout the body of animals. 4. Epidemiology is the study of the demographics of disease processes, and includes, but is not limited to, the study of epidemics. 5. Genetics is the study of genes, and their role in biological inheritance. 6. Histology is the study of the structures of biological tissues by light microscopy, electron microscopy and immunohistochemistry. 7. Immunology is the study of the immune system, which includes the innate and adaptive immune system in humans, for example. 8. Medical physics is the study of the applications of physics principles in medicine. 9. Microbiology is the study of microorganisms, including protozoa, bacteria, fungi, and viruses. 10.Molecular biology is the study of molecular underpinnings of the process of replication, transcription and translation of the genetic material. 11.Neuroscience includes those disciplines of science that are related to the study of the nervous system. A main focus of neuroscience is the biology and physiology of the human brain and spinal cord. Some related clinical specialties include neurology, neurosurgery and psychiatry. 12.Nutrition science (theoretical focus) and dietetics (practical focus) is the study of the relationship of food and drink to health and disease, especially in determining an optimal diet. Medical nutrition therapy is done by dietitians and is prescribed for diabetes, cardiovascular diseases, weight and eating disorders, allergies, malnutrition, and neoplastic diseases. 13.Pathology as a science is the study of disease—the causes, course, progression and resolution thereof. 14.Pharmacology is the study of drugs and their actions. 15.Photobiology is the study of the interactions between non-ionizing radiation and living organisms. 16.Physiology is the study of the normal functioning of the body and the underlying regulatory mechanisms. 17.Radiobiology is the study of the interactions between ionizing radiation and living organisms. 18.Toxicology is the study of hazardous effects of drugs and poisons.

In biology, cloning is the process of producing similar populations of genetically identical individuals that occurs in nature when organisms such as bacteria, insects or plants reproduce asexually. Cloning in biotechnology refers to processes used to create copies of DNA fragments (molecular cloning), cells (cell cloning), or organisms. The term also refers to the production of multiple copies of a product such as digital media or software.

Natural cloning* Cloning is a natural form of reproduccion that had allowed spreading of life forms for more than 50 thousand years, it has been used as a reproduction form by plants, fungi, or bacteria, it is the way that Clonal colonies reproduce themsef, a few examples of this organisms are Blueberries plants, Hazel trees Pando’s trees, Kentucky coffeetree, Myricas and American sweetgum.

Molecular cloning* Molecular cloning refers to the process of making multiple molecules. Cloning is commonly used to amplify DNA fragments containing whole genes, but it can also be used to amplify any DNA sequence such as promoters, non-coding sequences and randomly fragmented DNA. It is used in a wide array of biological experiments and practical applications ranging from genetic fingerprinting to large scale protein production. Occasionally, the term cloning is misleadingly used to refer to the identification of the chromosomal location of a gene associated with a particular phenotype of interest, such as in positional cloning. In practice, localization of the gene to a chromosome or genomic region does not necessarily enable one to isolate or amplify the relevant genomic sequence. To amplify any DNA sequence in a living organism, that sequence must be linked to an origin of replication, which is a sequence of DNA capable of directing the propagation of itself and any linked sequence. However, a number of other features are needed and a variety of specialised cloning vectors (small piece of DNA into which a foreign DNA fragment can be inserted) exist that allow protein expression, tagging, single stranded RNA and DNA production and a host of other manipulations.

Cloning of any DNA fragment essentially involves four steps

1.fragmentation – breaking apart a strand of DNA 2.ligation – gluing together pieces of DNA in a desired sequence 3.transfection – inserting the newly formed pieces of DNA into cells 4.screening/selection – selecting out the cells that were successfully transfected with the new DNA

Initially, the DNA of interest needs to be isolated to provide a DNA segment of suitable size. Subsequently, a ligation procedure is used where the amplified fragment is inserted into a vector (piece of DNA). The vector (which is frequently circular) is linearised using restriction enzymes, and incubated with the fragment of interest under appropriate conditions with an enzyme called DNA ligase. Following ligation the vector with the insert of interest is transfected into cells. A number of alternative techniques are available, such as chemical sensitivation of cells, electroporation, optical injection and biolistics. Finally, the transfected cells are cultured. As the aforementioned procedures are of particularly low efficiency, there is a need to identify the cells that have been successfully transfected with the vector construct containing the desired insertion sequence in the required orientation. Modern cloning vectors include selectable antibiotic resistance markers, which allow only cells in which the vector has been transfected, to grow. Additionally, the cloning vectors may contain colour selection markers, which provide blue/white screening (alpha-factor complementation) on X-gal medium. Nevertheless, these selection steps do not absolutely guarantee that the DNA insert is present in the cells obtained. Further investigation of the resulting colonies must be required to confirm that cloning was successful. This may be accomplished by means of PCR, restriction fragment analysis and/or DNA sequencing.

Cell cloning* Cloning a cell means to derive a population of cells from a single cell. In the case of unicellular organisms such as bacteria and yeast, this process is remarkably simple and essentially only requires the inoculation of the appropriate medium. However, in the case of cell cultures from multi-cellular organisms, cell cloning is an arduous task as these cells will not readily grow in standard media.

A useful tissue culture technique used to clone distinct lineages of cell lines involves the use of cloning rings (cylinders). According to this technique, a single-cell suspension of cells that have been exposed to a mutagenic agent or drug used to drive selection is plated at high dilution to create isolated colonies, each arising from a single and potentially clonal distinct cell. At an early growth stage when colonies consist of only a few cells, sterile polystyrene rings (cloning rings), which have been dipped in grease, are placed over an individual colony and a small amount of trypsin is added. Cloned cells are collected from inside the ring and transferred to a new vessel for further growth.

Organism cloning* Organism cloning (also called reproductive cloning) refers to the procedure of creating a new multicellular organism, genetically identical to another. In essence this form of cloning is an asexual method of reproduction, where fertilization or inter-gamete contact does not take place. Asexual reproduction is a naturally occurring phenomenon in many species, including most plants (see vegetative reproduction) and some insects. Scientists have made some major achievements with cloning, including the asexual reproduction of sheep and cows. There is a lot of ethical debate over whether or not cloning should be used. However, cloning, or asexual propagation, has been common practice in the horticultural world for hundreds of years.

The Moon (Latin: Luna) is Earth’s only natural satellite. It is one of the largest natural satellites in the Solar System, and, among planetary satellites, the largest relative to the size of the planet it orbits (its primary). It is the second-densest satellite among those whose densities are known (after Jupiter’s satellite Io).

The Moon is thought to have formed approximately 4.5 billion years ago, not long after Earth. There are several hypotheses for its origin; the most widely accepted explanation is that the Moon formed from the debris left over after a giant impact between Earth and a Mars-sized body called Theia.

The Moon is in synchronous rotation with Earth, always showing the same face with its near side marked by dark volcanic maria that fill between the bright ancient crustal highlands and the prominent impact craters. It is the second-brightest regularly visible celestial object in Earth’s sky (after the Sun), as measured by illuminance on Earth’s surface. Although it can appear a very bright white, its surface is actually dark, with a reflectance just slightly higher than that of worn asphalt. Its prominence in the sky and its regular cycle of phases have, since ancient times, made the Moon an important cultural influence on language, calendars, art, and mythology.

The Moon’s gravitational influence produces the ocean tides, body tides, and the slight lengthening of the day. The Moon’s current orbital distance is about thirty times the diameter of Earth, causing it to have an apparent size in the sky almost the same as that of the Sun. This allows the Moon to cover the Sun nearly precisely in total solar eclipse. This matching of apparent visual size is a coincidence. The Moon’s linear distance from Earth is currently increasing at a rate of 3.82 ± 0.07 centimetres (1.504 ± 0.028 in) per year, but this rate is not constant.

The Soviet Union’s Luna programme was the first to reach the Moon with unmanned spacecraft in 1959; the United States’ NASA Apollo program achieved the only manned missions to date, beginning with the first manned lunar orbiting mission by Apollo 8 in 1968, and six manned lunar landings between 1969 and 1972, with the first being Apollo 11. These missions returned over 380 kg of lunar rocks, which have been used to develop a geological understanding of the Moon’s origin, the formation of its internal structure, and its subsequent history. After the Apollo 17 mission in 1972, the Moon has been visited only by unmanned spacecraft.

Name and etymology* The usual English proper name for Earth’s natural satellite is “the Moon”. The noun moon derives from moone (around 1380), which developed from mone (1135), which derives from Old English mona (dating from before 725), which, like all Germanic language cognates, ultimately stems from Proto-Germanic *m? non. Occasionally the name “Luna” is used, for example for a personified Moon in poetry, or to distinguish it from other moons in science fiction.

The principal modern English adjective pertaining to the Moon is lunar, derived from the Latin Luna. A less common adjective is selenic, derived from the Ancient Greek Selene (Se. ), from which the prefix “seleno-” (as in selenography) is derived. Both the Greek Selene and the Roman goddess Diana were alternatively called Cynthia. The names Luna, Cynthia and Selene are reflected in terminology for lunar orbits in words such as apolune, pericynthion and selenocentric. The name Diana is connected to dies, meaning ‘day’.

Formation* Several mechanisms have been proposed for the Moon’s formation 4.527 ± 0.010 billion years ago,[h] some 30–50 million years after the origin of the Solar System. Recent research presented by Rick Carlson indicates a slightly lower age of between 4.40 and 4.45 billion years. These mechanisms included the fission of the Moon from Earth’s crust through centrifugal force (which would require too great an initial spin of Earth), the gravitational capture of a pre-formed Moon (which would require an unfeasibly extended atmosphere of Earth to dissipate the energy of the passing Moon), and the co-formation of Earth and the Moon together in the primordial accretion disk (which does not explain the depletion of metals in the Moon). These hypotheses also cannot account for the high angular momentum of the Earth–Moon system.

The prevailing hypothesis today is that the Earth–Moon system formed as a result of a giant impact, where a Mars-sized body (named Theia) collided with the newly formed proto-Earth, blasting material into orbit around it that accreted to form the Moon.

This hypothesis perhaps best explains the evidence, although not perfectly. Eighteen months prior to an October 1984 conference on lunar origins, Bill Hartmann, Roger Phillips, and Jeff Taylor challenged fellow lunar scientists: “You have eighteen months. Go back to your Apollo data, go back to your computer, do whatever you have to, but make up your mind. Don’t come to our conference unless you have something to say about the Moon’s birth.” At the 1984 conference at Kona, Hawaii, the giant impact hypothesis emerged as the most popular.

Before the conference, there were partisans of the three “traditional” theories, plus a few people who were starting to take the giant impact seriously, and there was a huge apathetic middle who didn’t think the debate would ever be resolved. Afterward there were essentially only two groups: the giant impact camp and the agnostics.

Giant impacts are thought to have been common in the early Solar System. Computer simulations modelling a giant impact are consistent with measurements of the angular momentum of the Earth–Moon system and the small size of the lunar core. These simulations also show that most of the Moon came from the impactor, not from the proto-Earth. However, more-recent tests suggest more of the Moon coalesced from Earth and not the impactor. Meteorites show that other inner Solar System bodies such as Mars and Vesta have very different oxygen and tungsten isotopic compositions to Earth, whereas Earth and the Moon have nearly identical isotopic compositions. Post-impact mixing of the vaporized material between the forming Earth and Moon could have equalized their isotopic compositions, although this is debated.

The large amount of energy released in the giant impact event and the subsequent re-accretion of material in Earth orbit would have melted the outer shell of Earth, forming a magma ocean. The newly formed Moon would also have had its own lunar magma ocean; estimates for its depth range from about 500 km (300 miles) to the entire radius of the Moon (1,737 km (1,079 miles)).

Despite its accuracy in explaining many lines of evidence, there are still some difficulties that are not fully explained by the giant impact hypothesis, most of them involving the Moon’s composition.

In 2001, a team at the Carnegie Institute of Washington reported the most precise measurement of the isotopic signatures of lunar rocks. To their surprise, the team found that the rocks from the Apollo program carried an isotopic signature that was identical with rocks from Earth, and were different from almost all other bodies in the Solar System. Because most of the material that went into orbit to form the Moon was thought to come from Theia, this observation was unexpected. In 2007, researchers from the California Institute of Technology announced that there was less than a 1% chance that Theia and Earth had identical isotopic signatures. Published in 2012, an analysis of titanium isotopes in Apollo lunar samples showed that the Moon has the same composition as Earth, which conflicts with what is expected if the Moon formed far from Earth’s orbit or from Theia. Variations on the giant impact hypothesis may explain this data.

Surface geology* The topography of the Moon has been measured with laser altimetry and stereo image analysis. The most visible topographic feature is the giant far-side South Pole–Aitken basin, some 2,240 km (1,390 mi) in diameter, the largest crater on the Moon and the second-largest confirmed impact crater in the Solar System. At 13 km (8.1 mi) deep, its floor is the lowest point on the surface of the Moon. The highest elevations on the surface of the Moon are located directly to the northeast, and it has been suggested that this area might have been thickened by the oblique formation impact of the South Pole–Aitken basin. Other large impact basins, such as Imbrium, Serenitatis, Crisium, Smythii, and Orientale, also possess regionally low elevations and elevated rims. The lunar far side is on average about 1.9 km (1.2 mi) higher than the near side.

Photography is the science, art and practice of creating durable images by recording light or other electromagnetic radiation, either electronically by means of an image sensor, or chemically by means of a light-sensitive material such as photographic film.

Typically, a lens is used to focus the light reflected or emitted from objects into a real image on the light-sensitive surface inside a camera during a timed exposure. With an electronic image sensor, this produces an electrical charge at each pixel, which is electronically processed and stored in a digital image file for subsequent display or processing. The result with photographic emulsion is an invisible latent image, which is later chemically “developed” into a visible image, either negative or positive depending on the purpose of the photographic material and the method of processing. A negative image on film is traditionally used to photographically create a positive image on a paper base, known as a print, either by using an enlarger or by contact printing.

Photography is employed in many fields of science, manufacturing (e. g. photolithography) and business, as well as its more direct uses for art, recreational purposes, hobby, and mass communication.

Etymology* The word “photography” was created from the Greek roots f? t. (photos), genitive of f. (phos), “light”and. af? (graphé) ” representation by means of lines” or “drawing”, together meaning “drawing with light”.

Several people may have coined the same new term from these roots independently. Hercules Florence, a French painter and inventor living in Campinas, Brazil, used the French form of the word, photographie, in private notes which a Brazilian photography historian believes were written in 1834. Johann von Maedler, a Berlin astronomer, is credited in a 1932 German history of photography as having used it in an article published on 25 February 1839 in the German newspaper Vossische Zeitung. Both of these claims are now widely reported but apparently neither has ever been independently confirmed as beyond reasonable doubt. Credit has traditionally been given to Sir John Herschel both for coining the word and for introducing it to the public. His uses of it in private correspondence prior to 25 February 1839 and at his Royal Society lecture on the subject in London on 14 March 1839 have long been amply documented and accepted as settled facts.

History* Photography is the result of combining several technical discoveries. Long before the first photographs were made, Chinese philosopher Mo Di and Greek mathematicians Aristotle and Euclid described a pinhole camera in the 5th and 4th centuries BCE. In the 6th century CE, Byzantine mathematician Anthemius of Tralles used a type of camera obscura in his experiments,[9] Ibn al-Haytham (Alhazen) (965–1040) studied the camera obscura and pinhole camera,[8][10] Albertus Magnus (1193–1280) discovered silver nitrate, and Georg Fabricius (1516–71) discovered silver chloride. Techniques described in the Book of Optics are capable of producing primitive photographs using medieval materials.

Daniele Barbaro described a diaphragm in 1566. Wilhelm Homberg described how light darkened some chemicals (photochemical effect) in 1694. The fiction book Giphantie, published in 1760, by French author Tiphaigne de la Roche, described what can be interpreted as photography.

The discovery of the camera obscura that provides an image of a scene dates back to ancient China. Leonardo da Vinci mentions natural cameras obscura that are formed by dark caves on the edge of a sunlit valley. A hole in the cave wall will act as a pinhole camera and project a laterally reversed, upside down image on a piece of paper. So the birth of photography was primarily concerned with inventing means to fix and retain the image produced by the camera obscura.

Renaissance painters used the camera obscura which, in fact, gives the optical rendering in color that dominates Western Art. The camera obscura literally means “dark chamber” in Latin. It is a box with a hole in it which allows light to go through and create an image onto the piece of paper.

Film photography* Hurter and Driffield began pioneering work on the light sensitivity of photographic emulsions in 1876. Their work enabled the first quantitative measure of film speed to be devised.

The first flexible photographic roll film was marketed by George Eastman in 1885, but this original “film” was actually a coating on a paper base. As part of the processing, the image-bearing layer was stripped from the paper and transferred to a hardened gelatin support. The first transparent plastic roll film followed in 1889. It was made from highly flammable nitrocellulose (“celluloid”), now usually called “nitrate film”.

Although cellulose acetate or “safety film” had been introduced by Kodak in 1908,at first it found only a few special applications as an alternative to the hazardous nitrate film, which had the advantages of being considerably tougher, slightly more transparent, and cheaper. The changeover was not completed for X-ray films until 1933, and although safety film was always used for 16 mm and 8 mm home movies, nitrate film remained standard for theatrical 35 mm motion pictures until it was finally discontinued in 1951.

Films remained the dominant form of photography until the early 21st century, when advances in digital photography made them largely obsolete. Although the 21st century is dominated by digital photography, film continues to be used by enthusiasts.

Black-and-white* All photography was originally monochrome, or black-and-white. Even after color film was readily available, black-and-white photography continued to dominate for decades, due to its lower cost and its “classic” photographic look. The tones and contrast between light and dark areas define black-and-white photography. It is important to note that monochromatic pictures are not necessarily composed of pure blacks, whites, and intermediate shades of gray, but can involve shades of one particular hue depending on the process. The cyanotype process, for example, produces an image composed of blue tones. The albumen print process, first used more than 150 years ago, produces brownish tones.

Many photographers continue to produce some monochrome images, sometimes because of the established archival permanence of well-processed silver-halide-based materials. Some full-color digital images are processed using a variety of techniques to create black-and-white results, and some manufacturers produce digital cameras that exclusively shoot monochrome. Monochrome printing or electronic display can be used to salvage certain photographs taken in color which are unsatisfactory in their original form; sometimes when presented as black-and-white or single-color-toned images they are found to be more effective. Although color photography has long predominated, monochrome images are still produced, mostly for artistic reasons. Almost all digital cameras have an option to shoot in monochrome, and almost all image editing software can combine or selectively discard RGB color channels to produce a monochrome image from one shot in color.

Color* Color photography was explored beginning in the 1840s. Early experiments in color required extremely long exposures (hours or days for camera images) and could not “fix” the photograph to prevent the color from quickly fading when exposed to white light.

The first permanent color photograph was taken in 1861 using the three-color-separation principle first published by physicist James Clerk Maxwell in 1855. Maxwell’s idea was to take three separate black-and-white photographs through red, green and blue filters. This provides the photographer with the three basic channels required to recreate a color image. Transparent prints of the images could be projected through similar color filters and superimposed on the projection screen, an additive method of color reproduction. A color print on paper could be produced by superimposing carbon prints of the three images made in their complementary colors, a subtractive method of color reproduction pioneered by Louis Ducos du Hauron in the late 1860s.

Russian photographer Sergei Mikhailovich Prokudin-Gorskii made extensive use of this color separation technique, employing a special camera which successively exposed the three color-filtered images on different parts of an oblong plate. Because his exposures were not simultaneous, unsteady subjects exhibited color “fringes” or, if rapidly moving through the scene, appeared as brightly colored ghosts in the resulting projected or printed images.

Implementation of color photography was hindered by the limited sensitivity of early photographic materials, which were mostly sensitive to blue, only slightly sensitive to green, and virtually insensitive to red. The discovery of dye sensitization by photochemist Hermann Vogel in 1873 suddenly made it possible to add sensitivity to green, yellow and even red. Improved color sensitizers and ongoing improvements in the overall sensitivity of emulsions steadily reduced the once-prohibitive long exposure times required for color, bringing it ever closer to commercial viability.

Autochrome, the first commercially successful color process, was introduced by the Lumière brothers in 1907. Autochrome plates incorporated a mosaic color filter layer made of dyed grains of potato starch, which allowed the three color components to be recorded as adjacent microscopic image fragments. After an Autochrome plate was reversal processed to produce a positive transparency, the starch grains served to illuminate each fragment with the correct color and the tiny colored points blended together in the eye, synthesizing the color of the subject by the additive method. Autochrome plates were one of several varieties of additive color screen plates and films marketed between the 1890s and the 1950s.

Kodachrome, the first modern “integral tripack” (or “monopack”) color film, was introduced by Kodak in 1935. It captured the three color components in a multilayer emulsion. One layer was sensitized to record the red-dominated part of the spectrum, another layer recorded only the green part and a third recorded only the blue. Without special film processing, the result would simply be three superimposed black-and-white images, but complementary cyan, magenta, and yellow dye images were created in those layers by adding color couplers during a complex processing procedure.

Agfa’s similarly structured Agfacolor Neu was introduced in 1936. Unlike Kodachrome, the color couplers in Agfacolor Neu were incorporated into the emulsion layers during manufacture, which greatly simplified the processing. Currently available color films still employ a multilayer emulsion and the same principles, most closely resembling Agfa’s product.

Color photography may form images as positive transparencies, which can be used in a slide projector, or as color negatives intended for use in creating positive color enlargements on specially coated paper. The latter is now the most common form of film (non-digital) color photography owing to the introduction of automated photo printing equipment. After a transition period centered around 1995–2005, color film was relegated to a niche market by inexpensive multi-megapixel digital cameras. Film continues to be the preference of some photographers because of its distinctive “look”.

A film, also called a movie, motion picture or photoplay, is a series of still images which, when shown on a screen, creates the illusion of moving images due to the phi phenomenon. This optical illusion causes the audience to perceive continuous motion between separate objects viewed rapidly in succession. A film is created by photographing actual scenes with a motion picture camera; by photographing drawings or miniature models using traditional animation techniques; by means of CGI and computer animation; or by a combination of some or all of these techniques and other visual effects. The word “cinema” is often used to refer to the industry of films and filmmaking or to the art of filmmaking itself. The contemporary definition of cinema is the art of simulating experiences to communicate ideas, stories, perceptions, feelings, beauty or atmosphere by the means of recorded or programmed moving images along with other sensory stimulations.

The process of filmmaking is both an art and an industry. Films were originally recorded onto plastic film which was shown through a movie projector onto a large screen (in other words, a photochemistry process). The adoption of CGI-based special effects led to the use of digital intermediates. Most contemporary films are now fully digital through the entire process of production, distribution, and exhibition from start to finish. Films recorded in a photochemical form traditionally included an analogous optical soundtrack, which is a graphic recording of the spoken words, music and other sounds that accompany the images. It runs along a portion of the film exclusively reserved for it and is not projected.

Films are cultural artifacts created by specific cultures. They reflect those cultures, and, in turn, affect them. Film is considered to be an important art form, a source of popular entertainment, and a powerful medium for educating—or indoctrinating—citizens. The visual basis of film gives it a universal power of communication. Some films have become popular worldwide attractions by using dubbing or subtitles to translate the dialog into the language of the viewer. Some have criticized the film industry’s glorification of violence and its sexist treatment of women.

The individual images that make up a film are called frames. During projection of traditional films, a rotating shutter causes intervals of darkness as each frame in turn is moved into position to be projected, but the viewer does not notice the interruptions because of an effect known as persistence of vision, whereby the eye retains a visual image for a fraction of a second after the source has been removed. The perception of motion is due to a psychological effect called phi phenomenon.

The name “film” originates from the fact that photographic film (also called film stock) has historically been the medium for recording and displaying motion pictures. Many other terms exist for an individual motion picture, including picture, picture show, moving picture, photoplay and flick. The most common term in the United States is movie, while in Europe film is preferred. Terms for the field in general include the big screen, the silver screen, the movies and cinema; the latter is commonly used in scholarly texts and critical essays, especially by European writers. In early years, the word sheet was sometimes used instead of screen.

History* Preceding film in origin by thousands of years, early plays and dances had elements common to film: scripts, sets, costumes, production, direction, actors, audiences, storyboards, and scores. Much terminology later used in film theory and criticism apply, such as mise en scene (roughly, the entire visual picture at any one time). Owing to the lack of any technology for doing so, the moving images and sounds could not be recorded for replaying as with film.

The magic lantern, probably created by Christiaan Huygens in 1650s could be used to project animation, what was achieved by various types of mechanical slides. Typically, two glass slides, one with the stationary part of the picture and the other with the part that was to move, would be placed one on top of the other and projected together, then the moving slide would be hand-operated, either directly or by means of a lever or other mechanism. Chromotrope slides, which produced eye-dazzling displays of continuously cycling abstract geometrical patterns and colors, were operated by means of a small crank and pulley wheel that rotated a glass disc.

In the mid-19th century, inventions such as the phenakistoscope and zoetrope demonstrated that a carefully designed sequence of drawings, showing phases of the changing appearance of objects in motion, would appear to show the objects actually moving if they were displayed one after the other at a sufficiently rapid rate. These devices relied on the phenomenon of persistence of vision to make the display appear continuous even though the observer’s view was actually blocked as each drawing rotated into the location where its predecessor had just been glimpsed. Each sequence was limited to a small number of drawings, usually twelve, so it could only show endlessly repeating cyclical motions. By the late 1880s, the last major device of this type, the praxinoscope, had been elaborated into a form that employed a long coiled band containing hundreds of images painted on glass and used the elements of a magic lantern to project them onto a screen.

The use of sequences of photographs in such devices was initially limited to a few experiments with subjects photographed in a series of poses, because the available emulsions were not sensitive enough to allow the short exposures needed to photograph subjects that were actually moving. The sensitivity was gradually improved and in the late 1870s Eadweard Muybridge created the first animated image sequences photographed in real-time. A row of cameras was used, each in turn capturing one image on a glass photographic plate, so the total number of images in each sequence was limited by the number of cameras, about two dozen at most. Muybridge used his system to analyze the movements of a wide variety of animal and human subjects. Hand-painted images based on the photographs were projected as moving images by means of his zoopraxiscope.

By the end of the 1880s, the introduction of lengths of celluloid photographic film and the invention of motion picture cameras, which could photograph an indefinitely long rapid sequence of images using only one lens, allowed several minutes of action to be captured and stored on a single compact reel of film. Some early films were made to be viewed by one person at a time through a “peep show” device such as the Kinetoscope. Others were intended for a projector, mechanically similar to the camera and sometimes actually the same machine, which was used to shine an intense light through the processed and printed film and into a projection lens so that these “moving pictures” could be shown tremendously enlarged on a screen for viewing by an entire audience. The first public exhibition of projected motion pictures in America was at Koster and Bial’s Music Hall in New York City on the 23rd of April 1896.

The earliest films were simply one static shot that showed an event or action with no editing or other cinematic techniques. Around the turn of the 20th century, films started stringing several scenes together to tell a story. The scenes were later broken up into multiple shots photographed from different distances and angles. Other techniques such as camera movement were developed as effective ways to tell a story with film. Until sound film became commercially practical in the late 1920s, motion pictures were a purely visual art, but these innovative silent films had gained a hold on the public imagination. Rather than leave audiences with only the noise of the projector as an accompaniment, theater owners hired a pianist or organist or, in large urban theaters, a full orchestra to play music that fit the mood of the film at any given moment. By the early 1920s, most films came with a prepared list of sheet music to be used for this purpose, and complete film scores were composed for major productions.

Film theory* “Film theory” seeks to develop concise and systematic concepts that apply to the study of film as art. The concept of film as an art-form began with Ricciotto Canudo’s The Birth of the Sixth Art. Formalist film theory, led by Rudolf Arnheim, Béla Balázs, and Siegfried Kracauer, emphasized how film differed from reality, and thus could be considered a valid fine art. André Bazin reacted against this theory by arguing that film’s artistic essence lay in its ability to mechanically reproduce reality not in its differences from reality, and this gave rise to realist theory. More recent analysis spurred by Jacques Lacan’s psychoanalysis and Ferdinand de Saussure’s semiotics among other things has given rise to psychoanalytical film theory, structuralist film theory, feminist film theory and others. On the other hand, critics from the analytical philosophy tradition, influenced by Wittgenstein, try to clarify misconceptions used in theoretical studies and produce analysis of a film’s vocabulary and its link to a form of life.

Language* Film is considered to have its own language. James Monaco wrote a classic text on film theory, titled “How to Read a Film,” that addresses this. Director Ingmar Bergman famously said, “Andrei Tarkovsky for me is the greatest director, the one who invented a new language, true to the nature of film, as it captures life as a reflection, life as a dream.” An example of the language is a sequence of back and forth images of one speaking actor’s left profile, followed by another speaking actor’s right profile, then a repetition of this, which is a language understood by the audience to indicate a conversation. This describes another theory of film, the 180-degree rule, as a visual story-telling device with an ability to place a viewer in a context of being psychologically present through the use of visual composition and editing. The “Hollywood style” includes this narrative theory, due to the overwhelming practice of the rule by movie studios based in Hollywood, California, during film’s classical era. Another example of cinematic language is having a shot that zooms in on the forehead of an actor with an expression of silent reflection that cuts to a shot of a younger actor who vaguely resembles the first actor, indicating that the first person is remembering a past self, an edit of compositions that causes a time transition.

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